Raphine, Augusta County, Virginia Property Taxes
The median property tax rate in Raphine, VA is 0.63%, 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 at $184,550, the typical annual property tax bill reaches $1,094, which is well below the national median of $2,690. Property taxes in Raphine are calculated based on the assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. 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 Augusta County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Raphine, Augusta County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,163
$1,079
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, Augusta County, 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 0.63%, lower than both the Virginia state median and 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 24472 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Raphine provides valuable insights into the varying tax landscape across Augusta County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Raphine Tax Rate
0.63%
Average Augusta County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Raphine, Augusta County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24472 | 0.41% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Raphine, Augusta County, Virginia
In Raphine, 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 Augusta 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 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. The highest and lowest median tax bills in the region are both $1094, found in zip code 24472.
Property Tax Assessment Values Across Raphine, Augusta County, Virginia
Source: Ownwell
$94,956
$266,803
$438,650
Average Raphine Assessed Value
$184,550
Average Augusta County Assessed Value
$204,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Raphine, Augusta County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24472 | $67,790 | $129,100 | $184,550 | $268,900 | $423,269 |
Source: Ownwell
Property Tax Bills Across Raphine, Augusta County, Virginia
In Raphine, Augusta County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. The median home price in Raphine is $184,550, and the property tax rate is applied to this value to determine the tax bill. Homeowners in Raphine can expect their tax bills to vary significantly based on their property's assessed value and specific characteristics. For instance, the 25th percentile tax bill is $792, while the 75th percentile tax bill is $1,543. At the 90th percentile, homeowners might face a tax bill of up to $2,234. Compared to the national median property tax rate of 0.99%, Raphine's tax bills reflect a range that can significantly impact homeowners' annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Raphine Tax Bill
$1,094
Average Augusta County Tax Bill
$1,250
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Raphine, Augusta County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24472 | $361 | $792 | $1,094 | $1,543 | $2,234 |
Source: Ownwell