Martinsville, Martinsville County, Virginia Property Taxes

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

Median Martinsville, VA effective property tax rate: 0.99%, slightly lower than the national median of 1.02%, but higher than the Virginia state median of 0.89%.
Median Martinsville, VA home value: $54,300
Median annual Martinsville, VA tax bill: $527, $1,873 lower than the national median property tax bill of $2,400.

How are property taxes in Martinsville calculated?

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

Last Updated March 1, 2025

Martinsville, Martinsville County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.99%

Estimate Property Tax Bill

$538

$499

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

Property Tax Rates Across Martinsville, Martinsville County, Virginia

Local government entities set tax rates, which can vary widely within a state. This is because 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. Below, you can compare Martinsville’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S. Martinsville's property tax rate is notably competitive, aligning closely with the national median. This makes it an attractive location for property owners seeking reasonable tax rates. The consistency in Martinsville’s tax rate can be attributed to the local government's efficient budgeting and valuation processes. As property taxes are a significant consideration for homeowners, understanding how Martinsville compares on a broader scale can be beneficial. Whether you're a current resident or considering a move, these insights into Martinsville’s property tax landscape offer a clearer picture of what to expect in terms of financial obligations.

Property Tax Rates Across Martinsville, Martinsville County, Virginia

Source: Ownwell

0.99%

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 Martinsville Tax Rate

0.99%

Median Effective Martinsville County Tax Rate

0.99%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Martinsville, Martinsville County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
24112	0.99%	0.99%	0.99%	0.99%	0.99%

Source: Ownwell

Property Tax Assessment Values Across Martinsville, Martinsville County, Virginia

When examining property taxes in Martinsville, 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 Martinsville 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 Martinsville 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 Martinsville. For example, the median home price in Martinsville is $54,300, with tax bills ranging significantly across the county. Zip code 24112 has the highest median home price at $54,300.

Property Tax Assessment Values Across Martinsville, Martinsville County, Virginia

Source: Ownwell

$54,300

Median Martinsville Market Value

$54,300

Median Martinsville County Market Value

$54,300

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Martinsville, Martinsville County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
24112	$20,000	$31,300	$54,300	$93,050	$181,100

Source: Ownwell

Property Tax Bills Across Martinsville, Martinsville County, Virginia

In Martinsville, VA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, and this figure is crucial in calculating the tax bill. With a median home price of $54,300, property tax bills can range significantly. For instance, the 25th percentile tax bill is $309, while the 75th percentile reaches $885, and the 90th percentile climbs to $1,662. These variations highlight the impact of property assessments and tax rates on homeowners' finances. Compared to the national median property tax bill of $2,400, Martinsville's median tax bill of $527 is relatively low, offering some relief to homeowners. However, even with lower bills, it's essential for homeowners to ensure they are not overpaying. Ownwell can assist homeowners by reviewing their property assessments, identifying potential errors, and filing appeals to correct any discrepancies. This service helps homeowners potentially save on their property tax bills, ensuring they only pay their fair share.

Property Tax Bills Across Martinsville, Martinsville County, Virginia

Source: Ownwell

$527

Median Martinsville Tax Bill

$527

Median Martinsville County Tax Bill

$527

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across Martinsville, Martinsville County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
24112	$198	$309	$527	$885	$1,662

Source: Ownwell