North Prince George, Hopewell County, Virginia Property Taxes
The median property tax rate in North Prince George, VA is 1.13%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in North Prince George at $253,900, the typical annual property tax bill reaches $2,869, exceeding the national median of $2,690. Property taxes in North Prince George 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 North Prince George'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 North Prince George 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
North Prince George, Hopewell County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$2,869
$2,662
Ownwell’s North Prince George Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Prince George with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Prince George 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 North Prince George, Hopewell County, Virginia
Property taxes in North Prince George, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Prince George is 1.13%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within North Prince George set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Prince George 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 North Prince George's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23860 has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with North Prince George provides valuable insights into the varying tax landscape across Hopewell, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Property Tax Rates Across North Prince George, Hopewell County, Virginia
Source: Ownwell
1.13%
1.13%
1.13%
Average North Prince George Tax Rate
1.13%
Average Hopewell County Tax Rate
1.13%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Prince George, Hopewell County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23860 | 1.10% | 1.13% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across North Prince George, Hopewell County, Virginia
In North Prince George, 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 North Prince George, 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 median home price in North Prince George is $253,900, with tax bills ranging from $1,625 at the 25th percentile to $3,461 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across North Prince George, Hopewell County, Virginia
Source: Ownwell
$138,300
$196,100
$253,900
Average North Prince George Assessed Value
$253,900
Average Hopewell County Assessed Value
$138,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Prince George, Hopewell County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23860 | $125,160 | $176,125 | $253,900 | $294,075 | $306,290 |
Source: Ownwell
Property Tax Bills Across North Prince George, Hopewell County, Virginia
In North Prince George, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. 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 $253,900, homeowners in North Prince George can expect varying tax bills. At the 25th percentile, the tax bill is approximately $1,625, while at the 75th percentile, it rises to around $3,336. The top 10% of homeowners face tax bills as high as $3,461. These tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, the rates in North Prince George can vary, making it crucial for homeowners to understand their specific tax obligations. Accurate assessments and awareness of potential exemptions can help manage these expenses effectively.
Property Tax Bills Across North Prince George, Hopewell County, Virginia
Source: Ownwell
$1,511
$2,190
$2,869
Average North Prince George Tax Bill
$2,869
Average Hopewell County Tax Bill
$1,514
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across North Prince George, Hopewell County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23860 | $1,414 | $1,625 | $2,869 | $3,336 | $3,461 |
Source: Ownwell