Radford, Virginia Property Taxes
The median property tax rate in Radford, VA is 0.84%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Radford at $97,800, the typical annual property tax bill amounts to $822, significantly below the national median of $2,690. Property taxes in Radford are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Radford'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 Radford 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
Radford, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$822
Ownwell’s Radford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Radford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Radford to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Radford, Virginia
Property taxes in Radford, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Radford is 0.84%, lower than the U.S. national median of 0.99%. Local government entities within Radford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Radford 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 Radford's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24141 has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these areas compare with Radford provides valuable insights into the varying tax landscape across Radford, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Radford Tax Rate
0.84%
Average Radford County Tax Rate
0.84%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Radford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24141 | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Radford, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Radford, VA. 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 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. Assessment notices in Radford 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 Radford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Radford are both $822, found in zip code 24141.
Average Radford Assessed Value
$97,800
Average Radford County Assessed Value
$97,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Radford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24141 | $75,600 | $85,400 | $97,800 | $104,950 | $131,000 |
Source: Ownwell
Property Tax Bills Across Radford, Virginia
Property tax bills in Radford, VA, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The median home price in Radford is $97,800. Property tax rates are applied to this assessed value to determine the annual tax bill. In Radford, the median tax bill is $822, which is relatively lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any improvements made to the property. For homeowners, these taxes are a significant part of their annual expenses, impacting their overall cost of living. For instance, the 25th percentile tax bill is $717, while the 75th percentile tax bill is $882, showing a range depending on property characteristics. At the 90th percentile, the tax bill can reach up to $1,100. Understanding these factors can help homeowners in Radford plan their finances better and anticipate any changes in their property tax obligations.
Average Radford Tax Bill
$822
Average Radford County Tax Bill
$822
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Radford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24141 | $635 | $717 | $822 | $882 | $1,100 |
Source: Ownwell