Raphine, Virginia Property Taxes
The median property tax rate in Raphine, VA is 0.61%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Raphine, the typical annual property tax bill reaches $1,662, well below the national median of $2,690. Property taxes in Raphine are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Raphine's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Raphine 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
Raphine, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,772
Ownwell’s Raphine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Raphine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raphine 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 Raphine, Virginia
Property taxes in Raphine, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Raphine is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Raphine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raphine 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 Raphine's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24472 has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Raphine provides valuable insights into the varying tax landscape across Rockbridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Raphine Tax Rate
0.61%
Average Rockbridge County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Raphine, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24472 | 0.40% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Raphine, Virginia
In Raphine, Virginia, understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Rockbridge County Assessor 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. This assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Raphine, 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 Raphine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In the 24472 zip code, the median tax bill is $1,662, reflecting the local property tax landscape.
Average Raphine Assessed Value
$290,500
Average Rockbridge County Assessed Value
$223,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Raphine, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24472 | $123,320 | $188,100 | $290,500 | $477,750 | $750,840 |
Source: Ownwell
Property Tax Bills Across Raphine, Virginia
In Raphine, located in Rockbridge County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Homeowners then apply the local tax rate to this assessed value to determine their annual tax bill. Factors such as property size, location, and market trends can influence the assessed value, and consequently, the tax bill. For instance, the median home price in Raphine is $290,500. With tax bills ranging from the 25th percentile at $1010 to the 90th percentile at $3579, homeowners can see significant variance in their tax obligations. This variation underscores the importance of accurate assessments and understanding local tax rates. Compared to the national median property tax rate of 0.99%, Raphine's tax bills reflect the unique economic conditions and local government policies of Rockbridge County. Understanding these factors can help homeowners better anticipate their financial responsibilities.
Average Raphine Tax Bill
$1,662
Average Rockbridge County Tax Bill
$1,277
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Raphine, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24472 | $673 | $1,010 | $1,662 | $2,503 | $3,579 |
Source: Ownwell