Petersburg County Property Taxes
The median property tax rate in Petersburg is 1.27%, which is significantly 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 $103,800, the typical annual property tax bill reaches $1,321, which exceeds the national median of $2,690. Property taxes in Petersburg 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 Petersburg's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Petersburg or another part of the county, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Petersburg County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$1,318
$1,223
Ownwell’s Petersburg Property Tax Bill Calculator empowers homeowners, real estate investors, and potential property owners to estimate their annual property taxes in Petersburg with just two simple data points. By entering your property's estimated assessed value, our calculator applies the median tax rate in Petersburg to provide an accurate estimate of your property tax bill. This tool offers valuable insights into your potential tax liabilities, helping you make informed financial decisions. For more detailed trends on a city level, scroll down to access localized information. Remember, your property's assessed value is determined by the county for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Petersburg County, Virginia
Property taxes in Petersburg play a crucial role in funding essential local services like 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 between different areas within the county. Each year, Petersburg 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. The following data compares Petersburg's effective property tax rate with other counties in the nation. For comparison, the city of North Dinwiddie has one of the higher property tax rates in the state at 1.27%. Analyzing how Petersburg's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
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 County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| North Dinwiddie | 1.27% | 1.27% | 1.27% | 1.27% | 1.27% |
| Petersburg | 1.27% | 1.27% | 1.27% | 1.27% | 1.27% |
| South Prince George | 1.27% | 1.27% | 1.27% | 1.27% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Petersburg County, Virginia
In Petersburg, 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 Petersburg 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 Petersburg 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 Petersburg, the median home price is $103,800. The highest median tax bill is found in South Prince George at $3,686, while the lowest is in North Dinwiddie at $618. 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 Petersburg County, Virginia
Source: Ownwell
$48,700
$169,450
$290,200
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 County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| North Dinwiddie | $48,700 | $48,700 | $48,700 | $48,700 | $48,700 |
| Petersburg | $43,900 | $64,000 | $103,600 | $139,200 | $185,640 |
| South Prince George | $129,690 | $263,400 | $290,200 | $292,525 | $303,620 |
Source: Ownwell
Property Tax Bills Across Petersburg County, Virginia
In Petersburg, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value represents a percentage of the home's market value. Homeowners in Petersburg typically see tax bills varying widely depending on their property's assessed value and the specific tax rate set by local authorities. For example, the median home price in Petersburg is $103,800. At the 25th percentile, homeowners might pay around $815 in property taxes, while those at the 75th percentile could see bills as high as $1,775. The top 10% of property tax bills can reach up to $2,371. Comparatively, South Prince George has the highest median tax bill in the region at $3,686, whereas North Dinwiddie has the lowest at $618. These tax bills directly impact homeowners by influencing their annual financial obligations and potentially affecting their property's overall affordability. Understanding these factors is crucial for homeowners to budget effectively and plan for their financial future.
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 County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| North Dinwiddie | $618 | $618 | $618 | $618 | $618 |
| Petersburg | $558 | $814 | $1,318 | $1,770 | $2,360 |
| South Prince George | $1,647 | $3,345 | $3,686 | $3,715 | $3,856 |
Source: Ownwell