Radiant, Virginia Property Taxes
The median property tax rate in Radiant, VA is 0.74%, 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 Radiant, the typical annual property tax bill amounts to $1,417, significantly below the national median of $2,690. Property taxes in Radiant are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Radiant'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 Radiant or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Radiant, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,417
$1,315
Ownwell’s Radiant Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Radiant with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Radiant 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 Radiant, Virginia
Property taxes in Radiant, Virginia, are essential in funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Radiant is 0.74%, which is below the U.S. national median of 0.99%. Local government entities within Radiant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Radiant 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 Radiant's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22732 has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Radiant provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Radiant Tax Rate
0.74%
Average Madison County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Radiant, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22732 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Radiant, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Radiant, Virginia. 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 Madison 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. Assessment notices in Radiant 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 Radiant is $191,550, with tax bills ranging from $1,079 at the 25th percentile to $2,768 at the 90th percentile. 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 Radiant helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Radiant Assessed Value
$191,550
Average Madison County Assessed Value
$210,150
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Radiant, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22732 | $112,880 | $147,400 | $191,550 | $273,250 | $376,740 |
Source: Ownwell
Property Tax Bills Across Radiant, Virginia
In Radiant, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. This assessed value is then multiplied by the local tax rate to determine the total tax bill. For homeowners in Radiant, the median home price is $191,550. The property tax rate in Radiant is relatively moderate when compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the home's assessed value, any applicable exemptions, and the specific tax rate set by Madison County. Homeowners in Radiant can expect a range of property tax bills; the 25th percentile tax bill is approximately $1,079, while the 75th percentile tax bill is around $1,939. For those at the higher end, the 90th percentile tax bill reaches up to $2,768. These tax bills directly impact homeowners by influencing their annual housing costs and potentially affecting their overall financial planning.
Average Radiant Tax Bill
$1,417
Average Madison County Tax Bill
$1,531
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Radiant, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22732 | $835 | $1,079 | $1,417 | $1,939 | $2,768 |
Source: Ownwell