Somerset, Madison County, Virginia Property Taxes

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

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

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.74%

Estimate Property Tax Bill

$1,410

$1,309

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

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.

Property Tax Rates Across Somerset, 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 Somerset Tax Rate

0.74%

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

In Somerset, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Somerset's median home price is $208,400, which can lead to varying tax bills depending on the assessed value and applicable exemptions. For instance, the 25th percentile tax bill is $796, while the 75th percentile reaches $1,888, and the 90th percentile climbs to $2,196. Compared to the national median property tax bill of $2,400, Somerset homeowners might find some relief, but there's still potential for savings. Homeowners can often appeal their assessed value if they believe it's too high, potentially lowering their tax bill. This is where Ownwell can help. Our experts analyze your property data, identify discrepancies, and guide you through the appeal process, maximizing your potential savings. With Ownwell's assistance, homeowners can ensure they're not overpaying on their property taxes.

Property Tax Bills Across Somerset, Madison County, Virginia

Source: Ownwell

$922

$1,443

$1,963

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