Radford, Montgomery County, Virginia Property Taxes
The median property tax rate in Radford, VA is 0.70%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $202,300 in Radford, the typical annual property tax bill is $1,406, significantly below the national median of $2,690. Property taxes in Radford are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Radford'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 Radford or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Radford, Montgomery County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,416
$1,314
Ownwell’s Radford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Radford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Radford 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 Radford, Montgomery County, Virginia
Property taxes in Radford, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Radford is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Radford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Radford 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 Radford's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24141 has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these areas compare with Radford provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Radford Tax Rate
0.70%
Average Montgomery County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Radford, Montgomery County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24141 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Radford, Montgomery County, Virginia
In Radford, 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 Montgomery 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 Radford, 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. For instance, the median home price in Radford is $202,300, with tax bills ranging from $879 at the 25th percentile to $2,963 at the 90th percentile. The highest and lowest median tax bill is $1,406, found in zip code 24141. 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 Radford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Radford, Montgomery County, Virginia
Source: Ownwell
$128,150
$225,375
$322,600
Average Radford Assessed Value
$202,300
Average Montgomery County Assessed Value
$250,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Radford, Montgomery County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24141 | $50,600 | $125,800 | $202,300 | $298,750 | $427,400 |
Source: Ownwell
Property Tax Bills Across Radford, Montgomery County, Virginia
Property tax bills in Radford, located in Montgomery County, VA, are determined by assessing the market value of a property and applying the local tax rate. The median home price in Radford is $202,300. Homeowners in Radford can expect their property tax bills to vary based on the assessed value and specific tax rate applied by the county. For example, the 25th percentile tax bill is $879, while the 75th percentile reaches $2058, and the 90th percentile can go up to $2963. These figures indicate a range of potential tax burdens depending on property values and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Radford's property tax rates might be more or less favorable depending on specific local rates. Homeowners should be aware of these factors, as property taxes can significantly impact their annual expenses and overall financial planning.
Average Radford Tax Bill
$1,406
Average Montgomery County Tax Bill
$1,751
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Radford, Montgomery County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24141 | $329 | $879 | $1,406 | $2,058 | $2,963 |
Source: Ownwell