Ridgeway, Virginia Property Taxes
The median property tax rate in Ridgeway, VA is 1.14%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Ridgeway at $505,830, the typical annual property tax bill reaches $5,784, exceeding the national median of $2,690. Property taxes in Ridgeway 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 Ridgeway'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 Ridgeway 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
Ridgeway, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$5,766
Ownwell’s Ridgeway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ridgeway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ridgeway 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 Ridgeway, Virginia
Property taxes in Ridgeway, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ridgeway is 0.88%, lower than both the Virginia state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Ridgeway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ridgeway 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 Ridgeway's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24148 zip code has the highest median property tax rate of 0.88%, while the 24148 zip code has the lowest median tax rate of 0.88%. Understanding how these cities compare with Ridgeway provides valuable insights into the varying tax landscape across Fairfax County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ridgeway Tax Rate
1.14%
Average Fairfax County Tax Rate
1.14%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ridgeway, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24148 | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Ridgeway, Virginia
In Ridgeway, 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 Fairfax 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 Ridgeway, 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. The median home price in Ridgeway stands at $505,830, with the highest and lowest median tax bills both recorded at $5,784 in the 24148 zip code. 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 Ridgeway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Ridgeway, Virginia
Source: Ownwell
$26,110
$12,068,795
$24,111,480
Average Ridgeway Assessed Value
$505,830
Average Fairfax County Assessed Value
$616,950
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ridgeway, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24148 | $505,830 | $505,830 | $505,830 | $505,830 | $505,830 |
Source: Ownwell
Property Tax Bills Across Ridgeway, Virginia
In Ridgeway, located in Fairfax County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor's office and is typically a percentage of the market value of the property. Homeowners in Ridgeway can expect a median property tax bill of $5,784, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the home's assessed value, the local tax rate set by Fairfax County, and any applicable exemptions or deductions. For instance, the tax bill remains consistent across various percentiles, indicating a stable assessment and tax rate structure in the area. This higher-than-average tax bill can impact homeowners by increasing the cost of owning property, potentially affecting affordability and long-term financial planning. Understanding these factors can help homeowners in Ridgeway better anticipate their annual property tax obligations and manage their finances accordingly.
Average Ridgeway Tax Bill
$5,784
Average Fairfax County Tax Bill
$7,154
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Ridgeway, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24148 | $5,784 | $5,784 | $5,784 | $5,784 | $5,784 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | June 6 |
| Due Date #2 | December 5 |
Links | |
|---|---|
| Fairfax Tax Assessor | |
| realestateoffice@fairfaxva.gov. | |