Radford, Virginia Property Taxes
The median property tax rate in Radford, 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 Radford at $239,100, the typical annual property tax bill amounts to $1,760, significantly below the national median of $2,690. Property taxes in Radford are determined based on the tax assessed value, which often falls below market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Radford's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're residing in Radford or another part of Pulaski County, a thorough understanding of the local property tax system can provide significant benefits to both homeowners and real estate investors.
Last Updated June 14, 2024
Radford, 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 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, Virginia
Property taxes in Radford, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Radford is 0.74%, 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 in Pulaski County has a median property tax rate of 0.74%. Understanding how these areas compare with Radford provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Radford Tax Rate
0.74%
Average Pulaski County Tax Rate
0.74%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Radford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24141 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Radford, 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 Pulaski 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. 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. The median property tax bill in Radford is $1,760, consistent across different zip codes, including 24141.
Average Radford Assessed Value
$239,100
Average Pulaski County Assessed Value
$120,000
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Radford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24141 | $56,940 | $121,425 | $239,100 | $375,925 | $494,820 |
Source: Ownwell
Property Tax Bills Across Radford, Virginia
In Radford, VA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. Homeowners in Radford can expect median home prices around $239,100. The local property tax rate is applied to this assessed value to determine the annual tax bill. Factors that influence the tax bill include the property's location, size, and any improvements or modifications made. In Radford, property tax bills can vary significantly. For example, the 25th percentile tax bill is approximately $881, while the 75th percentile tax bill can reach up to $2782. At the 90th percentile, homeowners might see tax bills as high as $3662. These property taxes contribute to essential public services such as schools, infrastructure, and emergency services. While Radford's property tax rates might seem steep to some, they are a crucial part of maintaining the community's quality of life and services.
Average Radford Tax Bill
$1,760
Average Pulaski County Tax Bill
$883
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Radford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24141 | $394 | $881 | $1,760 | $2,782 | $3,662 |
Source: Ownwell