Ridgeway, Virginia Property Taxes
The median property tax rate in Ridgeway, VA is 0.56%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $77,350 in Ridgeway, the typical annual property tax bill is around $428, far below the national median of $2,690. Property taxes in Ridgeway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Ridgeway'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 Ridgeway or another part of Henry County, grasping 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
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Ridgeway Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers an easy way to estimate their annual property taxes in Ridgeway using just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Ridgeway to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available as you scroll down. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
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 0.56%, which is lower than both the Virginia state median 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 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Ridgeway provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ridgeway Tax Rate
0.56%
Average Henry County Tax Rate
0.56%
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 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
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 Henry 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 is $77,350, with tax bills ranging from $239 at the 25th percentile to $903 at the 90th percentile. Notably, the highest and lowest median tax bills are both $428 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.
Average Ridgeway Assessed Value
$77,350
Average Henry County Assessed Value
$71,300
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 | $18,000 | $43,150 | $77,350 | $122,200 | $162,630 |
Source: Ownwell
Property Tax Bills Across Ridgeway, Virginia
In Ridgeway, located in Henry County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Ridgeway is $77,350. Property taxes are determined by multiplying the assessed value of the property by the local tax rate. This tax rate is applied uniformly across the county, ensuring a standardized approach to property taxation. Several factors influence the final tax bill, including the property's assessed value, which is determined by local assessors based on various criteria such as market trends and property conditions. For instance, homeowners in the 25th percentile of tax bills pay around $239, while those in the 75th percentile pay about $678, and in the 90th percentile, the tax bill rises to $903. The highest median tax bill in Ridgeway is $428, which is notably below the national median property tax rate of 0.99%. This relatively low tax burden can make Ridgeway an attractive place for homeowners, offering affordable living without compromising on essential public services funded by these taxes.
Average Ridgeway Tax Bill
$428
Average Henry County Tax Bill
$396
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 | $98 | $239 | $428 | $678 | $903 |
Source: Ownwell