Banco, Madison County, Virginia Property Taxes
Median BANCO, VA effective property tax rate: 0.74%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median BANCO, VA home value: $190,900
Median annual BANCO, VA tax bill: $1,413, $987 lower than the national median property tax bill of $2,400.
How are property taxes in Madison calculated?
Property taxes in BANCO, 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 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 March 1, 2025
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
Property Tax Rates Across Banco, Madison County, Virginia
Local government entities are responsible for setting tax rates, which can vary widely within a state. Each county estimates its required budget annually 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.
In BANCO, located in Madison County, VA, the effective property tax rate stands at 0.74%. This rate is quite competitive when compared to the national median property tax rate of 1.02%. Furthermore, BANCO's property tax rate is consistent across the county, indicating a stable tax environment for its residents. This consistency can be appealing to property owners who are seeking predictability in their annual expenses.
Comparing BANCO's effective property tax rate to other cities within Virginia and the U.S. highlights its favorable position. With property tax bills often being a significant expense for homeowners, living in an area with a lower rate can result in substantial savings. This makes BANCO an attractive location for those looking to optimize their property-related costs.
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, 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 Madison 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.
In Madison County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 BANCO.
For example, the median home price in BANCO is $190,900, with tax bills ranging significantly across the county. Zip code 22711 has the highest median home price at $190,900.
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
In Banco, located in Madison County, VA, property tax bills are determined by assessing the property's market value. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. The median home price in this area is $190,900, which plays a crucial role in determining the tax bill. Homeowners in Banco experience a range of property tax bills, with the 25th percentile paying around $870 and the 75th percentile facing a bill of $1,964. The 90th percentile tax bill reaches up to $2,386, highlighting the variability based on property values and specific assessments.
This variability in tax bills can significantly impact homeowners, affecting their annual budgeting and financial planning. Ownwell offers valuable assistance by providing property tax appeal and exemption services. By leveraging their expertise, homeowners can potentially reduce their tax burden, ensuring they pay only what is fair. This not only helps in immediate savings but also contributes to long-term financial stability for property owners in Banco.
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