South Prince George, Virginia Property Taxes
The median property tax rate in South Prince George, VA is 0.79%, lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in South Prince George at $135,150, the typical annual property tax bill amounts to $1,068, which is significantly below the national median of $2,690. Property taxes in South Prince George are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding South Prince George'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 South Prince George or another part of Dinwiddie County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Prince George, 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 South Prince George Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Prince George with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Prince George 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 South Prince George, Virginia
Property taxes in South Prince George, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Prince George is 0.79%, lower than the U.S. national median of 0.99%. Local government entities within South Prince George set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Prince George 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 South Prince George's effective property tax rate to other areas in Dinwiddie County and the national median. For comparison, the zip code 23805 has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with South Prince George provides valuable insights into the varying tax landscape across Dinwiddie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Prince George Tax Rate
0.79%
Average Dinwiddie County Tax Rate
0.79%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23805 | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across South Prince George, Virginia
In South Prince George, 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 Dinwiddie 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 South Prince George, 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. The zip code with the highest median tax bill is 23805, with a tax bill of $1,068, while the lowest is also 23805, with the same tax bill. Being aware of these valuation processes in South Prince George helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across South Prince George, Virginia
Source: Ownwell
$19,400
$102,900
$186,400
Average South Prince George Assessed Value
$135,150
Average Dinwiddie County Assessed Value
$147,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23805 | $104,870 | $116,225 | $135,150 | $154,075 | $165,430 |
Source: Ownwell
Property Tax Bills Across South Prince George, Virginia
In South Prince George, located in Dinwiddie County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $135,150. To determine the tax bill, the county assesses the property's value and applies the applicable tax rate. Factors such as property size, location, and improvements can influence the assessed value. For example, homes in the 25th percentile have tax bills around $918, while those in the 75th percentile face bills closer to $1,217. Homeowners in South Prince George should be aware that their property tax bills can significantly impact their annual expenses. While the national median property tax rate is 0.99%, local variations can lead to higher or lower tax obligations. The highest median tax bill in the area stands at $1,068, which is relatively moderate compared to some other regions. Understanding these factors helps homeowners budget effectively and plan for their financial responsibilities.
Average South Prince George Tax Bill
$1,068
Average Dinwiddie County Tax Bill
$1,142
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across South Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23805 | $828 | $918 | $1,068 | $1,217 | $1,307 |
Source: Ownwell