Petersburg, Virginia Property Taxes
The median property tax rate in Petersburg, VA is 0.79%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $132,350 in Petersburg, the typical annual property tax bill amounts to $1,023, significantly below the national median of $2,690. Property taxes in Petersburg are calculated based on the tax assessed value, which is often lower than 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 substantial annual savings. Whether you're in the heart of Petersburg or another part of the city, comprehending 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
0.79%
Estimate Property Tax Bill
$1,046
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 0.79%, 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 and the national median. For comparison, the zip code 23803 has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with Petersburg 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 Petersburg 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 Petersburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23803 | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| 23805 | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
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 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 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. For instance, the highest median tax bill is $1,030 in the 23805 zip code, while the lowest median tax bill is $788 in the 23803 zip code. 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
$132,350
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 Petersburg, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23803 | $24,440 | $55,025 | $134,650 | $181,425 | $341,370 |
| 23805 | $23,600 | $50,475 | $129,550 | $159,075 | $253,750 |
Source: Ownwell
Property Tax Bills Across Petersburg, Virginia
Property tax bills in Petersburg, VA are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. In Petersburg, the median home price is $132,350. Homeowners in the area can expect their tax bills to vary significantly, with the 25th percentile paying around $394, while those in the 75th percentile might see bills as high as $1,402. The 90th percentile tax bill reaches up to $2,031. The highest median tax bill in the city is found in the 23805 zip code at $1,030, while the lowest is in the 23803 zip code at $788. These tax bills impact homeowners by influencing their overall housing costs. Higher property taxes can increase monthly mortgage payments and affect the affordability of owning a home in the area.
Average Petersburg Tax Bill
$1,023
Average Dinwiddie County Tax Bill
$1,142
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 | $121 | $359 | $788 | $1,421 | $2,022 |
| 23805 | $186 | $446 | $1,030 | $1,257 | $1,790 |
Source: Ownwell