Petersburg, Virginia Property Taxes
The median property tax rate in Petersburg, VA is 1.27%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Petersburg at $103,600, the typical annual property tax bill reaches $1,318, exceeding the national median of $2,690. Property taxes in Petersburg are calculated based on the tax assessed value, which typically 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
1.27%
Estimate Property Tax Bill
$1,316
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 1.27%, which is higher 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. Understanding how Petersburg's effective property tax rate compares to other counties and the national median provides valuable insights into the varying tax landscape across Petersburg, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petersburg Tax Rate
1.27%
Average Petersburg County Tax Rate
1.27%
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 | 1.27% | 1.27% | 1.27% | 1.27% | 1.27% |
| 23805 | 1.27% | 1.27% | 1.27% | 1.27% | 1.27% |
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 Petersburg 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 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. For instance, the highest median tax bill in Petersburg is $1,702 in the 23805 zip code, while the lowest median tax bill is $926 in the 23803 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Petersburg Assessed Value
$103,600
Average Petersburg County Assessed Value
$103,800
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 | $36,100 | $51,300 | $72,700 | $106,600 | $147,300 |
| 23805 | $97,400 | $114,000 | $134,000 | $172,775 | $211,900 |
Source: Ownwell
Property Tax Bills Across Petersburg, Virginia
In Petersburg, VA, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. The assessed value is then multiplied by the property tax rate set by the local government. This tax rate can vary but is used consistently across the city to ensure fairness. For homeowners, several factors influence the final tax bill, including the home's location, size, and condition. For instance, the median home price in Petersburg is $103,600. Tax bills in the city range significantly, with the 25th percentile at $814 and the 75th percentile at $1,770, reflecting the variation in property values and assessments. At the higher end, the 90th percentile tax bill can reach up to $2,360. Comparatively, the highest median tax bill in Petersburg is $1,702 in the 23805 zip code, while the lowest is $926 in the 23803 zip code. Understanding these factors helps homeowners anticipate their property tax obligations, which can significantly impact their annual budget.
Average Petersburg Tax Bill
$1,318
Average Petersburg County Tax Bill
$1,321
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 | $460 | $653 | $926 | $1,358 | $1,875 |
| 23805 | $1,237 | $1,449 | $1,702 | $2,196 | $2,691 |
Source: Ownwell