While Value Iteration (VI) is one of the most fundamental algorithms in Reinforcement Learning, its theoretical convergence guarantees still exhibit a persistent mismatch with empirical behavior. In the discounted-reward case, classical theory guarantees geometric convergence with rate $\gamma$, while in the average-reward case recent work suggests that only sublinear convergence can be expected. In practice, however, VI is often observed to converge significantly faster. In this work, we show through a unified geometry-based analysis that, under an assumption of a unique and unichain optimal policy, *(i)* convergence is geometric in *both* the discounted- and average-reward settings and *(ii)* the convergence rate is faster than previous analyses suggest.