Hood, Madison County, Virginia Property Taxes
Median HOOD, 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 HOOD, VA home value: $254,650
Median annual HOOD, VA tax bill: $1,807, $593 lower than the national median property tax bill of $2,400.
How are property taxes in Madison calculated?
Property taxes in HOOD, 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 HOOD’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in HOOD, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Hood, 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
$1,849
$1,715
Property Tax Rates Across Hood, Madison County, Virginia
Local government entities are responsible for setting tax rates, which can vary significantly within a state. Each county determines its required budget to provide essential services and divides that by the total value of all taxable property in its jurisdiction, resulting in the property tax rate. This process involves votes and laws, but this is essentially how it works annually.
In HOOD, located in county 51113 in Virginia, the effective property tax rate is a key figure for residents and prospective homeowners to consider. Comparing HOOD’s rate to other cities in Virginia, as well as the state and national medians, provides valuable insight. Virginia's median property tax rate is 0.74%, which is below the national median of 1.02%. This could mean potential savings for property owners in HOOD compared to other regions across the country. Understanding these rates helps in making informed decisions regarding property investments and financial planning. Whether you're a current homeowner or looking to buy, knowing the local tax landscape is crucial for managing long-term costs and maximizing property value.
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 Hood 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 Hood, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22723 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Hood, Madison County, Virginia
When examining property taxes in HOOD, 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 HOOD. For example, the median home price in HOOD is $254,650, with tax bills ranging significantly across the county. Zip code 22723 has the highest median home price at $254,650.
Property Tax Assessment Values Across Hood, Madison County, Virginia
Source: Ownwell
$124,600
$194,925
$265,250
Median Hood Market Value
$249,800
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 Hood, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22723 | $107,580 | $167,850 | $249,800 | $359,100 | $457,880 |
Source: Ownwell
Property Tax Bills Across Hood, Madison County, Virginia
Median Hood Tax Bill
$1,766
Median Madison County Tax Bill
$1,540
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Hood, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22723 | $796 | $1,183 | $1,766 | $2,325 | $3,261 |
Source: Ownwell