Randolph, Virginia Property Taxes
The median property tax rate in Randolph, VA is 0.50%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Randolph at $75,800, the typical annual property tax bill is $379, well below the national median of $2,690. Property taxes in Randolph are calculated based on the assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Randolph's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Randolph or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Randolph, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$379
Ownwell’s Randolph Property Tax Bill Calculator is designed to help homeowners, real estate investors, and potential buyers estimate their annual property taxes in Randolph with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Randolph to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more granular data, trends at the neighborhood level are also available. Your property’s assessed value is determined by the county for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Randolph, Virginia
Property taxes in Randolph, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Randolph is 0.50%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Randolph set these rates annually, and they can vary significantly across different neighborhoods. Each year, Randolph estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Randolph's effective property tax rate to other areas in Virginia and the national median. For comparison, the 23962 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these areas compare with Randolph provides valuable insights into the varying tax landscape across Halifax County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Randolph Tax Rate
0.50%
Average Halifax County Tax Rate
0.50%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Randolph, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23962 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Randolph, Virginia
In Randolph, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Halifax County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Randolph, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Randolph helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bill in the area is $379, both found in zip code 23962.
Average Randolph Assessed Value
$75,800
Average Halifax County Assessed Value
$82,550
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Randolph, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23962 | $11,524 | $63,454 | $75,800 | $94,768 | $137,162 |
Source: Ownwell
Property Tax Bills Across Randolph, Virginia
In Randolph, Halifax County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $75,800, the tax bill can vary significantly depending on the specific assessment and tax rate applied. Homeowners in Randolph can expect their property tax bills to fall within a range, with the 25th percentile tax bill at $317 and the 75th percentile at $474. For those at the higher end, the 90th percentile tax bill reaches $686. Comparatively, the highest and lowest median tax bills in the area are both $379, indicating a relatively stable tax environment within the zip code 23962. These tax bills impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Randolph Tax Bill
$379
Average Halifax County Tax Bill
$413
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Randolph, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23962 | $58 | $317 | $379 | $474 | $686 |
Source: Ownwell