Martinsville, Henry County, Virginia Property Taxes

Name: Property Tax Bills Across Martinsville, Henry County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Martinsville, VA effective property tax rate: 0.56%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Martinsville, VA home value: $75,250
Median annual Martinsville, VA tax bill: $417, $1,983 lower than the national median property tax bill of $2,400.

How are property taxes in Henry County calculated?

Property taxes in Martinsville, VA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Martinsville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Martinsville, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Martinsville, Henry County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.56%

Estimate Property Tax Bill

$421

$391

Ownwell’s Martinsville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Martinsville with just two data points. By entering your property's estimated assessed value, our calculator applies Martinsville’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Henry County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Martinsville, Henry County, Virginia

Local government entities set tax rates, which can vary widely within a state. Why? Each year, counties estimate the budget needed to provide services and divide that by the total value of all taxable property within their jurisdiction. This calculation results in the property tax rate. While votes and laws are involved in setting tax rates and budgets, this is the annual process in a nutshell.

In Martinsville, located in Henry County, Virginia, the effective property tax rate stands at 0.56%. This rate is significantly lower than the national median property tax rate of 1.02%, making it an attractive location for property owners seeking lower tax burdens. The median property tax bill in Martinsville aligns with the state median, which is also considerably less than the national median of $2,400.

Comparing Martinsville’s tax rate to other cities in Virginia reveals a consistent trend, as the city shares the same tax rate with the highest and lowest rates in the state, both recorded in the 24112 zip code. This consistency highlights the favorable tax environment in Martinsville, providing an appealing option for potential homeowners and investors looking for cost-effective property ownership in Virginia.

Property Tax Rates Across Martinsville, Henry County, Virginia

Source: Ownwell

0.56%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Martinsville Tax Rate

0.56%

Median Effective Henry County Tax Rate

0.56%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Martinsville, Henry County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
24112	0.56%	0.56%	0.56%	0.56%	0.56%

Source: Ownwell

Property Tax Assessment Values Across Martinsville, Henry County, Virginia

When examining property taxes in Martinsville, VA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Henry County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: Henry County assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of June. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Martinsville. For example, the median home price in Martinsville is $75,250, with tax bills ranging significantly across the county. 24112 has the highest median home price at $75,250.

Property Tax Assessment Values Across Martinsville, Henry County, Virginia

Source: Ownwell

$50,200

$68,450

$86,700

Median Martinsville Market Value

$75,250

Median Henry County Market Value

$71,300

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Martinsville, Henry County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
24112	$24,100	$48,775	$75,250	$110,025	$181,510

Source: Ownwell

Property Tax Bills Across Martinsville, Henry County, Virginia

In Martinsville, located in Henry County, Virginia, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The median home price in the area is $75,250, significantly lower than the national median. Property tax bills in Martinsville can vary widely, with the 25th percentile at $270 and the 90th percentile reaching up to $1,007. The median tax bill stands at $417, which is below the national median of $2,400. These variations in tax bills are influenced by factors such as property size, location, and improvements. Homeowners in Martinsville may find their tax bills surprisingly low compared to national figures, yet it remains essential to ensure that they are not overpaying. Ownwell can assist homeowners by reviewing their property assessments, identifying potential discrepancies, and filing appeals to ensure fair taxation. By leveraging expert knowledge, Ownwell helps homeowners potentially save hundreds on their property tax bills, making property ownership more affordable.

Property Tax Bills Across Martinsville, Henry County, Virginia

Source: Ownwell

$279

$380

$481

Median Martinsville Tax Bill

$417

Median Henry County Tax Bill

$396

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across Martinsville, Henry County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
24112	$134	$270	$417	$610	$1,007

Source: Ownwell