Haywood, Madison County, Virginia Property Taxes
Median Haywood, 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 Haywood, VA home value: $208,650
Median annual Haywood, VA tax bill: $1,536, $864 lower than the national median property tax bill of $2,400.
How are property taxes in Madison calculated?
Property taxes in Haywood, 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 Haywood’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Haywood, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Haywood, 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
$1,568
$1,455
Property Tax Rates Across Haywood, Madison County, Virginia
Local government entities set tax rates, which can vary widely within a state. Each county annually estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the annual process in a nutshell.
In Haywood, located in Madison County, Virginia, the effective property tax rate is 0.74%. This rate aligns with the highest and lowest median tax rates in the state, both at 0.74%. When compared to the national median property tax rate of 1.02%, Haywood's rate is relatively low. The median property tax bill in Haywood also stands out for its affordability compared to the national median bill of $2,400.
Understanding these differences in tax rates can be crucial for homeowners and prospective buyers. It highlights the importance of being informed about local tax obligations, which can significantly impact the overall cost of owning property.
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 Haywood 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 Haywood, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22722 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Haywood, Madison County, Virginia
When examining property taxes in Haywood, 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.
Assessment notices: 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 Haywood.
For example, the median home price in Haywood is $208,650, with tax bills ranging significantly across the county. Zip code 22722 has the highest median home price at $208,650.
Property Tax Assessment Values Across Haywood, Madison County, Virginia
Source: Ownwell
$124,600
$194,925
$265,250
Median Haywood Market Value
$211,950
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 Haywood, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22722 | $117,660 | $171,475 | $211,950 | $264,625 | $343,810 |
Source: Ownwell
Property Tax Bills Across Haywood, Madison County, Virginia
In Haywood, located in Madison County, VA, property tax bills are calculated based on the assessed value of the property. This assessed value is determined by the local tax assessor and reflects the market value of the home. The property tax rate is then applied to this assessed value to calculate the annual tax bill. Homeowners in Haywood can expect their tax bills to vary, with the 25th percentile at $1,251 and the 75th percentile reaching $1,785. The 90th percentile tax bill is $2,347, which is below the national median property tax bill of $2,400, offering some relief in comparison to other regions.
Ownwell assists homeowners by evaluating their property assessments to ensure they are fair and accurate. If discrepancies are found, Ownwell can file an appeal on behalf of the homeowner, potentially reducing their tax liability. By leveraging expertise in property tax laws and local market conditions, Ownwell helps homeowners in Haywood save money and ensure they are not overpaying on their property taxes.
Median Haywood Tax Bill
$1,568
Median Madison County Tax Bill
$1,540
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Haywood, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22722 | $869 | $1,256 | $1,568 | $1,958 | $2,539 |
Source: Ownwell