Petersburg, Virginia Property Taxes
The median property tax rate in Petersburg, 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 Petersburg at $181,950, the typical annual property tax bill reaches $1,347, significantly below the national median of $2,690. Property taxes in Petersburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Petersburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Petersburg or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Petersburg, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,346
Ownwell’s Petersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petersburg 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 Petersburg, Virginia
Property taxes in Petersburg, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petersburg is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Petersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petersburg 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 Petersburg's effective property tax rate to other areas in Prince George County and the national median. For comparison, the 23803 zip code has the highest median property tax rate of 0.76%, while the 23805 zip code has the lowest median tax rate of 0.74%. Understanding how these areas compare with Petersburg provides valuable insights into the varying tax landscape across Prince George County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petersburg Tax Rate
0.74%
Average Prince George County Tax Rate
0.76%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petersburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23803 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
| 23805 | 0.36% | 0.71% | 0.74% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Petersburg, Virginia
In Petersburg, 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 local 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 Petersburg, 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 Petersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Petersburg is $1,394 in the 23805 zip code, while the lowest median tax bill is $1,005 in the 23803 zip code.
Average Petersburg Assessed Value
$181,950
Average Prince George County Assessed Value
$279,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petersburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23803 | $132,400 | $132,400 | $132,400 | $132,400 | $132,400 |
| 23805 | $40,000 | $92,200 | $188,700 | $242,000 | $410,360 |
Source: Ownwell
Property Tax Bills Across Petersburg, Virginia
In Petersburg, VA, property tax bills are calculated based on the assessed value of a home. The local government assesses properties periodically to determine their market value. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For instance, with a median home price of $181,950, homeowners can expect their tax bills to vary significantly. In Petersburg, tax bills range from $458 at the 25th percentile to $2,486 at the 90th percentile. The median tax bill in zip code 23805 is the highest at $1,394, whereas zip code 23803 has the lowest median tax bill at $1,005. These tax bills impact homeowners by influencing their annual housing costs, potentially affecting decisions related to buying, selling, or investing in property. Compared to the national median property tax rate of 0.99%, Petersburg's rates and the resulting tax bills can offer a comparative advantage or disadvantage, depending on the specific assessed value and location within the city.
Average Petersburg Tax Bill
$1,347
Average Prince George County Tax Bill
$2,102
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Petersburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23803 | $1,005 | $1,005 | $1,005 | $1,005 | $1,005 |
| 23805 | $218 | $439 | $1,394 | $1,699 | $2,598 |
Source: Ownwell