Personal Property Taxes

All personal property is valued at 100% fair market value as of January 1 using the JD Power Official Valuation Guide (previously NADA) at all times possible. Automobiles, trucks, and motorcycles are assessed using the average trade-in value provided by JD Power. Motor vehicles in Madison County have a minimum assessed value of $400. If a vehicle cannot be assessed through JD Power, the office will use one of the following methods, in this order:

1. Depreciate 10% from the previous year's assessed value until reaching minimum assessed value. If this cannot be obtained, then (B) will be used to determine value.
2. Depreciate 10% from purchase date using the purchase cost until reaching minimum assessed value.

Motor Coaches (Recreational Vehicles/RVs) are assessed based on the purchase date and cost with a 20% declining depreciation each year. 

Trailers are also assessed using their purchase information but with a 10% declining depreciation each year. The minimum assessed value of any trailer in Madison County is $100. 

If purchase information is not provided, the personal property will be assessed based on the previous year's assessed value, if available, and will depreciate by 10% each year until reaching minimum value. If none of the above can be applied, owners may be contacted by our office via mail, email, or phone.

** Please note that the Tax Assessed Fair Market Value may differ from the Blue Book Value often used by dealerships to determine trade-in value. **

If a resident owns a boat registered in Madison County with the Virginia Department of Wildlife Resources (DWR), nothing needs to be done by the resident to report the ownership. The DWR sends annual boat lists to our office which details ownership, and the property owned. These reports do not notify us when boats are disposed.

Boats are assessed using their purchase information. Each year, the tax assessed value depreciates by 20% from the prior year value. The minimum assessed value for a boat in Madison County is $100.00.

When a boat is sold or otherwise disposed of, please contact our office and have documentation on hand to prove the disposal or sale of the boat. Boat owners should also contact the DWR to deregister the boat from their name. If a trailer goes with the boat, please ensure the documentation also describes the trailer including its identification number (VIN). Taxpayers may copy the Commissioner's office if emailing to the DWR about the disposal of a boat and/or boat trailer. Please copy (CC) to the following email: personalpropertytax@madisonco.virginia.gov

Planes are assessed using their purchase information. Their tax assessed value depreciates by 20% each year from purchase. Our office receives annual reports from the Virginia Department of Aviation which includes ownership and property owned, similarly to boats.

Some mobile homes, such as single-wides, can be considered personal property and will appear on personal property accounts instead of a real estate account. The Commissioner of the Revenue's Office receives notice of these Personal Property Mobile Homes via notices from the Department of Motor Vehicles (DMV) or the Building Department. 

 If a mobile home is taxed as personal property, the value of the home will not show on the associated real estate tax parcel/tax map it sits upon. Personal Property mobile-homes are protected under confidentiality, therefore valuation and identifying information will not be released without permission from the personal property account owner(s). Personal property mobile homes still receive the real estate tax rate and are assessed for fair market value by a real estate appraiser contracted by Madison County.

Mobile homes, whether personal or real property, may still require a permit to add to or remove from real estate property. Owners should contact the Madison County Department of Building & Zoning to confirm steps to add and remove a mobile home on real estate.

Assessed values on Personal Property can be adjusted based on condition, such as major body damage or high mileage. The table below outlines the requirements for a car or truck to qualify for the high mileage adjustment. 

To have the tax assessed value of your vehicle adjusted, documentation must be on file with the Commissioner of the Revenue's office and must be renewed on an annual basis. Vehicle condition documentation should be filed with the Commissioner of the Revenue's office by May 1st.

After May 1st, taxpayers should submit an appeal form to the Commissioner of the Revenue along with any and all required documentation. The provided documentation must be dated as of or prior to January 1 of the tax year that is being requested for appeal. For example, submitting a state inspection receipt dated within 2024 or prior to qualify for a high mileage adjustment in 2025.

Vehicles model year 2006 and older (20+ year old vehicles) will have high mileage factored into their assessed values automatically.