Frequently Asked Questions

State law requires all localities to evaluate property tax values to ensure that they are in line with current fair market value and assure uniformity of assessments with similar properties. 

Madison County traditionally conducts reassessments every six years. Reassessments may take place at intervals spanning from one to six years. Per Virginia Code § 58.1-3253 “the governing body of any county or city may, by ordinance duly adopted, provide for the annual assessment and equalization of real estate for local taxation.”

The process began in Spring of 2024 with a study of qualified real estate sales since the last assessment in 2019.  Emphasis was given to the most recent 2024 sales, but older sales of more unique properties or properties with little market activity would also be considered.  As analysis continued, supportable conclusions for calibrations to value models were made and implemented in the County’s valuation software. Members of Wingate Appraisal Service also personally visited each parcel in Madison County to account for physical condition. The property visits to verify data were completed by December 2024. 

Generally, sales are considered if they are between a “willing buyer” and a “willing seller” in a competitive market.  Most sales fall into that category.  However, the assessor might exclude sales from consideration if they are much higher or lower than typical sales in the marketplace.  Excluded sales might represent sales under duress (such as from a foreclosure), or they may represent acquisitions made at a premium because of factors unique to a buyer’s situation.

In addition to the overall market, the Assessors considered factors such as location, access to highways, proximity to shopping centers, and the condition and type of building.  For certain types of properties, Assessors evaluated the replacement cost less depreciation, utilizing the typical contract cost for such work.  In keeping with accepted practice for appraisals, the Assessors consider all approaches to estimating value and gave the most consideration to the approach that yielded the most credible result.

In addition to physical County-wide printouts of proposed values located at the hearing site (414 N Main St, Madison, VA 22727) assessment listings are also posted on our website under the General Reassessment page.

The Code of Virginia requires the reassessment notice to state the proposed market value for the tax year applicable.  Land Use assessments are based on the use value of the property and do not have a relationship to the market value assessments.  In other words, an increase in market value will not necessarily change the land use value and property owners should be aware that comparisons between the two unrelated sets of assessed values are not “apples to apples”.  Land Use value changes will be noted depending on the land use category or categories on participating properties.  

The purpose of the re-assessment is not to increase taxes, but to provide uniformity between assessed properties and an assessment of value in line with the real estate market at the current time. The County Administration is currently in the process of considering the real estate tax rate necessary to support the FY 2025 Budget. Madison County urges residents to engage in the County's budget process, more information can be found here. The 2025 real estate tax rate will be posted through the Commissioner of the Revenue's page when available.

It is important to remember that the impact of the new assessment combined with the new tax rate will be different for each individual property.

Questions about the assessed values and process of obtaining the value should be directed to the Assessor. Call (540)948-7590 or email assessor@madisonco.virginia.gov. All landowners are welcome to call the Commissioner of the Revenue's office as well at (540) 948-4421. Emails can be found on the Commissioner's webpage.