Madison, Madison County, Virginia Property Taxes

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

Median Madison, 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 Madison, VA home value: $217,500
Median annual Madison, VA tax bill: $1,575, $825 lower than the national median property tax bill of $2,400.

How are property taxes in Madison calculated?

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

Last Updated March 1, 2025

Madison, Madison County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.74%

Estimate Property Tax Bill

$1,610

$1,494

Ownwell’s Madison Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Madison with just two data points. By entering your property's estimated assessed value, our calculator applies Madison’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 Madison. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Madison, Madison County, Virginia

Local government entities are responsible for setting property tax rates, which can vary significantly within a state. This variance occurs because each county annually estimates the budget necessary to provide essential services and then divides this by the total value of all taxable properties within its jurisdiction. This calculation results in the property tax rate. Although the process involves votes and laws to set tax rates and budgets, this is the core of the annual procedure.

In Madison, VA, the effective property tax rate is notably lower than the national median rate of 1.02%. This positions Madison as an attractive location for property owners seeking more affordable property taxes. When compared to other cities in Virginia, Madison's rate remains competitive, offering residents relief from the higher tax burdens found in other parts of the state. The lower property tax rate not only benefits current homeowners but also attracts potential buyers, making Madison a desirable area for real estate investment. This competitive tax rate underscores the importance of understanding local tax dynamics when considering property investments.

Property Tax Rates Across Madison, Madison County, Virginia

Source: Ownwell

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 Tax Rate

0.74%

Median Effective Madison County Tax Rate

0.74%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Madison, Madison County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
22727	0.74%	0.74%	0.74%	0.74%	0.74%

Source: Ownwell

Property Tax Assessment Values Across Madison, Madison County, Virginia

When examining property taxes in Madison, 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 Madison.

For example, the median home price in Madison is $217,500, with tax bills ranging significantly across the county. The zip code 22727 has the highest median home price at $217,500.

Property Tax Assessment Values Across Madison, Madison County, Virginia

Source: Ownwell

$124,600

$193,550

$262,500

Median Madison Market Value

$217,500

Median Madison County Market Value

$210,150

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Madison, Madison County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
22727	$106,500	$149,950	$217,500	$303,100	$397,600

Source: Ownwell

Property Tax Bills Across Madison, Madison County, Virginia

In Madison, VA, property tax bills are calculated based on the assessed value of a home, which reflects its market value. Homeowners pay a property tax rate that is applied to this assessed value to determine their annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. The median home price in Madison is $217,500, and the median tax bill is $1,575, which is below the national median property tax bill of $2,400. Homeowners in this region pay an effective tax rate that is competitive compared to the national median property tax rate of 1.02%. For homeowners looking to reduce their property tax bills, Ownwell offers expert property tax appeal services. By analyzing property assessments and identifying discrepancies, Ownwell helps homeowners potentially lower their tax obligations. With professional guidance, homeowners can ensure their property is fairly assessed, leading to significant savings on their annual tax bills.

Property Tax Bills Across Madison, Madison County, Virginia

Source: Ownwell

$922

$1,443

$1,963

Median Madison Tax Bill

$1,575

Median Madison County Tax Bill

$1,531

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across Madison, Madison County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
22727	$773	$1,075	$1,575	$2,192	$2,878

Source: Ownwell