Somerset, Madison County, Virginia Property Taxes
Median Somerset, 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 Somerset, VA home value: $208,400
Median annual Somerset, VA tax bill: $1,542, $858 lower than the national median property tax bill of $2,400.
How are property taxes in Madison calculated?
Property taxes in Somerset, 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 Somerset’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Somerset, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Somerset, 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
$1,410
$1,309
Property Tax Rates Across Somerset, Madison County, Virginia
Local government entities set tax rates, which can vary widely within a state. 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.
In Somerset, located in Madison County, VA, the effective property tax rate is a point of interest for homeowners comparing costs within the state. Somerset's property tax rate is lower than the national median of 1.02%, offering a more affordable option for property owners. In contrast, the median property tax rate in Virginia is also lower than the national average, reflecting the state's generally favorable tax climate. This makes Somerset an attractive location for those seeking to minimize their property tax burden while still enjoying the benefits of local services funded by these taxes. Comparing Somerset to other cities in Virginia highlights the variability in tax rates and underscores the importance of understanding local tax policies when making property investment decisions.
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 Somerset 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 Somerset, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22972 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Somerset, Madison County, Virginia
When examining property taxes in Somerset, 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 Somerset. For example, the median home price in Somerset is $208,400, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Somerset, Madison County, Virginia
Source: Ownwell
$124,600
$194,925
$265,250
Median Somerset Market Value
$190,550
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 Somerset, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22972 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Somerset, Madison County, Virginia
Median Somerset Tax Bill
$1,410
Median Madison County Tax Bill
$1,540
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Somerset, Madison County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22972 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell