Prince Edward County Property Taxes
The median property tax rate in Prince Edward County is 0.48%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Prince Edward County, the typical annual property tax bill reaches $622, far below the national median of $2,690. Property taxes in Prince Edward County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Prince Edward County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Farmville or another part of Prince Edward County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prince Edward County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$622
Ownwell’s Prince Edward Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Prince Edward with just two data points. Simply enter your property's estimated assessed value, and our calculator will apply the median tax rate in Prince Edward to estimate your property tax bill. This insightful tool 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 Prince Edward County, Virginia
Property taxes in Prince Edward play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Prince Edward is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities within Prince Edward set these rates annually, and they can vary significantly between different areas within the county. Each year, Prince Edward 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. For comparison, the city of Burkeville has both one of the higher and lower property tax rates in Virginia at 0.48%. Analyzing how Prince Edward's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Prince Edward County Tax Rate
0.48%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prince Edward County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Burkeville | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| Charlotte Court House | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| Cullen | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| Farmville | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| Green Bay | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| Hampden Sydney | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| Keysville | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| Meherrin | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| Pamplin | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| Prospect | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| Rice | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Prince Edward County, Virginia
In Prince Edward County, 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 Prince Edward County 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 Prince Edward County 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. In Prince Edward County, Hampden Sydney has the highest median tax bill at $1,430, while Burkeville has the lowest at $491. With the national median property tax rate at 0.99%, being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Prince Edward County, Virginia
Source: Ownwell
$102,300
$200,150
$298,000
Average Prince Edward County Assessed Value
$129,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prince Edward County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Burkeville | $27,620 | $59,550 | $102,300 | $153,850 | $202,320 |
| Charlotte Court House | $36,560 | $79,800 | $112,400 | $176,900 | $219,500 |
| Cullen | $29,960 | $85,400 | $117,600 | $163,600 | $239,340 |
| Farmville | $61,740 | $94,200 | $156,200 | $219,600 | $282,320 |
| Green Bay | $22,700 | $53,600 | $109,700 | $155,400 | $218,660 |
| Hampden Sydney | $183,680 | $226,550 | $298,000 | $369,450 | $412,320 |
| Keysville | $27,730 | $65,150 | $110,100 | $163,150 | $214,730 |
| Meherrin | $21,000 | $53,700 | $104,600 | $149,050 | $198,880 |
| Pamplin | $31,300 | $73,650 | $110,000 | $153,100 | $202,600 |
| Prospect | $29,480 | $74,700 | $114,800 | $166,650 | $220,040 |
| Rice | $41,200 | $83,225 | $126,350 | $186,075 | $252,250 |
Source: Ownwell
Property Tax Bills Across Prince Edward County, Virginia
In Prince Edward County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is applied to this assessed value to compute the annual tax bill. Factors such as the property's location, size, and any improvements can influence its assessed value. In Prince Edward County, the median home price is $129,500. Homeowners in this area see a range of tax bills, with the 25th percentile paying around $394 annually and the 75th percentile paying approximately $920. At the 90th percentile, the tax bill can go up to $1,229. Comparatively, the city with the highest median tax bill is Hampden Sydney at $1,430, while Burkeville has the lowest at $491. These costs can significantly impact homeowners, influencing their overall housing affordability and budget planning. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Prince Edward County Tax Bill
$622
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Prince Edward County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Burkeville | $133 | $286 | $491 | $738 | $971 |
| Charlotte Court House | $175 | $383 | $540 | $849 | $1,054 |
| Cullen | $144 | $410 | $564 | $785 | $1,149 |
| Farmville | $297 | $453 | $750 | $1,054 | $1,355 |
| Green Bay | $109 | $257 | $527 | $746 | $1,050 |
| Hampden Sydney | $882 | $1,087 | $1,430 | $1,773 | $1,979 |
| Keysville | $133 | $313 | $528 | $783 | $1,031 |
| Meherrin | $101 | $258 | $502 | $715 | $955 |
| Pamplin | $150 | $354 | $528 | $735 | $972 |
| Prospect | $142 | $359 | $551 | $800 | $1,056 |
| Rice | $198 | $399 | $606 | $893 | $1,211 |
Source: Ownwell