24572 Property Tax Rate

Property owners in ZIP code 24572 (Madison Heights, Virginia) pay a median of $931/year in property taxes on homes valued at $187,300. This translates to an effective tax rate of 0.50%, which is 26% below the Virginia state average of 0.67%.

The monthly property tax burden for a median-valued home in 24572 is approximately $78, which factors into escrow payments on mortgages. This ZIP code is located within Amherst County. This is $1,312 less than the Virginia average of $2,243/year.

Compared to similar ZIP codes in Virginia, 24572 has higher property taxes. ZIP codes with similar effective rates include 22733 (0.50%) and 22730 (0.50%).

In Madison Heights, property taxes represent approximately 1.5% of the median household income of $64,158, providing context for the relative tax burden on homeowners in this area.

Virginia has no state property tax — Amherst County performs periodic reassessments, and your liability depends on when the county revalues properties in your jurisdiction rather than on your purchase date. The Circuit Breaker program is available to seniors 65+, disabled individuals, and low-income householders earning under approximately $50,000 annually; contact the Amherst County Commissioner of the Revenue for income limits and application procedures. After closing, contact the Amherst County Assessor to verify your assessment is correct and to apply for Circuit Breaker relief if you meet income or age requirements.