Banco, Madison County, Virginia Property Taxes
Property Taxes in Banco, Virginia
Median Banco, Virginia effective property tax rate: 0.74%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Banco, Virginia home value: $191,900
Median annual Banco, Virginia tax bill: $1,420, lower than the national median property tax bill of $2,400.
How are property taxes in Madison calculated?
Property taxes in Banco, Virginia 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 Banco's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Banco, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Banco, Madison County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.74%
Estimate Property Tax Bill
$1,420
$1,318
How Does the Banco Property Tax Calculator Work?
Use this Banco property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Banco's median effective tax rate of 0.74% — based on actual property records in Madison County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Banco's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Banco: rates range from 0.74% in 22711 to 0.74% in 22711, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Banco.
About Banco Property Taxes
About Property Taxes in BANCO, Madison, Virginia
BANCO’s median effective property tax rate of 0.74% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Madison County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across BANCO. Homeowners in the 22711 ZIP code carry a median effective rate of 0.74%, while those in the lowest ZIP code pay 0.74%. This spread — 0.00 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Madison County. Understanding which part of BANCO you live in can make a meaningful difference to your annual tax bill.
BANCO homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before the March 5, 2025 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Banco, Madison County, Virginia
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Banco's effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
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 Banco Tax Rate
0.74%
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 Madison County Tax Rate
0.74%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Banco, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22711 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Banco, Madison County, Virginia
When examining property taxes in Banco, Virginia, 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 Madison County assessment office 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:
In Madison County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of February.
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. In Banco, the median home price is $191,900, with a median tax bill of $1,420. That is below the national median property tax bill of $2,400 and the national median property tax rate of 1.02%.
Property Tax Assessment Values Across Banco, Madison County, Virginia
Source: Ownwell
$124,600
$194,925
$265,250
Median Banco Market Value
$191,900
Median Madison County Market Value
$212,100
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Banco, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22711 | $76,300 | $132,800 | $191,900 | $265,150 | $322,230 |
Source: Ownwell
Property Tax Bills Across Banco, Madison County, Virginia
Property tax bills in Banco are based on the assessed value of a home and the local property tax rate set for the area. For homeowners, that means the bill is determined by how much the property is worth in the market, not by what was originally paid for it. In Madison County, the median home price is $191,900, and the median tax bill is $1,420, which is below the national median property tax bill of $2,400.
Several factors can affect the final bill, including the home’s assessed value and the tax rate applied by local governments. A higher assessed value usually leads to a higher tax bill, while a lower assessed value can reduce it. In Banco, tax bills vary across homeowners, with the 25th percentile at $884 and the 90th percentile at $2,453. That spread shows how much property taxes can differ even within the same area, making assessments an important factor for homeowners to watch closely.
Median Banco Tax Bill
$1,420
Median Madison County Tax Bill
$1,540
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Banco, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22711 | $565 | $884 | $1,420 | $1,962 | $2,453 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | March 5 |
Links | |
|---|---|
| Madison Tax Assessor | |
| Website | www.webgis.net |