Wolftown, Madison County, Virginia Property Taxes

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

Median Wolftown, 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 Wolftown, VA home value: $225,900
Median annual Wolftown, VA tax bill: $1,413, $987 lower than the national median property tax bill of $2,400.

How are property taxes in Madison calculated?

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

Last Updated March 1, 2025

Wolftown, 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

$1,672

$1,551

Ownwell’s Wolftown Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wolftown with just two data points. By entering your property's estimated assessed value, our calculator applies Wolftown’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 Wolftown, Madison County, Virginia

Local government entities determine tax rates, which can vary significantly within a state. This variation occurs because each county annually estimates its necessary 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 votes and laws play a role in setting tax rates and budgets, this is essentially the annual process. In Wolftown, located in Madison County, Virginia, the effective property tax rate is 0.74%, which is below the national median of 1.02%. This lower rate translates to property owners in Wolftown paying less in property taxes compared to the national average.

For homeowners, this means a more affordable tax bill, which can be a significant advantage when considering the overall cost of homeownership. Comparing Wolftown’s effective property tax rate to other cities in Virginia and the national median provides valuable insights into the local tax landscape. Understanding these differences is crucial for property owners seeking to manage their tax liabilities effectively.

Property Tax Rates Across Wolftown, 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 Wolftown 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 Wolftown, Madison County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
22748	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Wolftown, Madison County, Virginia

When examining property taxes in Wolftown, Virginia, 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 Wolftown. For example, the median home price in Wolftown is $225,900, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Wolftown, Madison County, Virginia

Source: Ownwell

$124,600

$193,550

$262,500

Median Wolftown Market Value

$225,900

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 Wolftown, Madison County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
22748	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Wolftown, Madison County, Virginia

In Wolftown, Madison County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. With a median home price of $225,900, homeowners in Wolftown can expect their property tax bills to vary. The 25th percentile tax bill is $1,143, while the 75th percentile reaches $1,789, and the 90th percentile climbs to $2,445. Compared to the national median property tax bill of $2,400, many Wolftown homeowners pay less, although those at the higher end exceed the national average. These tax bills can significantly impact homeowners' budgets, making it essential to ensure accuracy in assessments. Ownwell offers services to help homeowners appeal their property tax assessments, potentially saving them money. By analyzing property data and market trends, Ownwell identifies discrepancies in assessments and assists in filing appeals, ensuring homeowners pay only their fair share in property taxes.

Property Tax Bills Across Wolftown, Madison County, Virginia

Source: Ownwell

$922

$1,443

$1,963

Median Wolftown Tax Bill

$1,413

Median Madison County Tax Bill

$1,531

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across Wolftown, Madison County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
22748	N/A	N/A	N/A	N/A	N/A

Source: Ownwell