Rice, Amelia County, Virginia Property Taxes
The median property tax rate in Rice, VA is 0.38%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $119,700 in Rice, the typical annual property tax bill is $455, well below the national median of $2,690. Property taxes in Rice 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 Rice'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 Rice 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
Rice, Amelia County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$455
$422
Ownwell’s Rice Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rice with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rice 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 Rice, Amelia County, Virginia
Property taxes in Rice, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rice is 0.38%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Rice set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rice 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 Rice's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate in Virginia is found in 22901 with a rate of 1.07%, while the lowest median tax rate is in 22511 with a rate of 0.14%. Understanding how these cities compare with Rice provides valuable insights into the varying tax landscape across Amelia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rice Tax Rate
0.38%
Average Amelia County Tax Rate
0.38%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rice, Amelia County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23966 | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
Source: Ownwell
Property Tax Assessment Values Across Rice, Amelia County, Virginia
In Rice, 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 Amelia 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 Rice, 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 Rice helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $455.00, found in the zip code 23966.
Property Tax Assessment Values Across Rice, Amelia County, Virginia
Source: Ownwell
$119,700
$162,825
$205,950
Average Rice Assessed Value
$119,700
Average Amelia County Assessed Value
$193,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rice, Amelia County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23966 | $40,580 | $73,100 | $119,700 | $178,300 | $258,200 |
Source: Ownwell
Property Tax Bills Across Rice, Amelia County, Virginia
In Rice, Amelia County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in this area is $119,700. The tax rate is applied to this assessed value to arrive at the annual tax bill. For homeowners in Rice, the tax bill can vary significantly. For instance, the 25th percentile of tax bills is $278, while the 75th percentile reaches $678, and the 90th percentile goes up to $981. Several factors influence these variations, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Rice offers a relatively affordable property tax landscape. However, these costs still impact homeowners' budgets, making it crucial for residents to understand their tax liabilities and explore potential exemptions. The highest and lowest median tax bills in the area are both reported at $455, specifically in the 23966 zip code, indicating some consistency within that locality.
Average Rice Tax Bill
$455
Average Amelia County Tax Bill
$735
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Rice, Amelia County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23966 | $154 | $278 | $455 | $678 | $981 |
Source: Ownwell