Radford County, Virginia Property Taxes
The median property tax rate in Radford is 0.84%, 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, the typical annual property tax bill is $822, significantly below the national median of $2,690. Property taxes in Radford are calculated based on the assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Radford's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Radford or another part of the county, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Radford County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$822
$762
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 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Radford to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Radford County, Virginia
Property taxes in Radford play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Radford is 0.84%, 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 between different areas within the county. Each year, Radford estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Radford's effective property tax rate with other counties in Virginia and the national median. For comparison, the city of Radford has one of the higher property tax rates in Virginia at 0.84%, while the city of Radford also boasts one of the lowest at 0.84%. Analyzing how Radford's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Radford County Tax Rate
0.84%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Radford County, Virginia
In Radford, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Radford Appraisal District. The assessed value, however, 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 Radford are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Radford will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Radford County Assessed Value
$97,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Bills Across Radford County, Virginia
In Radford, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Radford can expect a median home price of $97,800. The tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors can influence a property’s assessed value, including the condition of the home, recent sales of comparable properties, and any improvements made to the property. In Radford, the 25th percentile tax bill is $717, while the 75th percentile tax bill is $882, and the 90th percentile tax bill reaches up to $1,100. With a median tax bill of $822 in Radford, homeowners face a lower property tax rate compared to the national median property tax rate of 0.99%. Lower property taxes can make homeownership more affordable, impacting the overall cost of living in the area.
Average Radford County Tax Bill
$822
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690