South Prince George, Virginia Property Taxes
The median property tax rate in South Prince George, VA is 1.27%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in South Prince George at $290,200, the typical annual property tax bill reaches $3,686, exceeding the national median of $2,690. Property taxes in South 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 South 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 South 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
South Prince George, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$3,686
$3,420
Ownwell’s South Prince George Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers in South Prince George, VA. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in South Prince George to provide an accurate estimate of your annual property tax bill. This resource is essential for understanding your potential tax liabilities and planning your finances accordingly. For those interested in more detailed insights, our platform offers localized trends and information to help you make informed decisions. Your property's assessed value, determined by the county, forms the basis for these calculations and includes any applicable exemptions.
Property Tax Rates Across South Prince George, Virginia
Property taxes in South 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 South Prince George is 1.27%, significantly higher than the U.S. national median of 0.99%. Local government entities within South Prince George set these rates annually, and they can vary significantly across different neighborhoods. Each year, South 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 South Prince George's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23805 has the highest median property tax rate of 1.27%, while the same zip code 23805 also has the lowest median tax rate of 1.27%. Understanding how these cities compare with South Prince George provides valuable insights into the varying tax landscape across Petersburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Prince George Tax Rate
1.27%
Average Petersburg County Tax Rate
1.27%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23805 | 1.27% | 1.27% | 1.27% | 1.27% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across South Prince George, Virginia
In South 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 South 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. Being aware of these valuation processes in South Prince George helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 23805, with a value of $3,686.
Property Tax Assessment Values Across South Prince George, Virginia
Source: Ownwell
$48,700
$169,450
$290,200
Average South Prince George Assessed Value
$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 South Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23805 | $129,690 | $263,400 | $290,200 | $292,525 | $303,620 |
Source: Ownwell
Property Tax Bills Across South Prince George, Virginia
In South Prince George, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Petersburg County. The assessed value is determined by county assessors who evaluate the market value of the property. Homeowners in South Prince George face a median property tax bill of approximately $3,686, significantly higher than the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax bill. For instance, the tax bill for the 25th percentile is around $3,345, while those in the 75th percentile pay about $3,715. Homes in the 90th percentile see tax bills as high as $3,856. These variations highlight how different property characteristics and market conditions can affect tax obligations. High property taxes can pose a financial burden on homeowners, emphasizing the importance of understanding how these taxes are calculated and exploring potential exemptions or appeals to manage costs effectively.
Average South Prince George Tax Bill
$3,686
Average Petersburg County Tax Bill
$1,321
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across South Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23805 | $1,647 | $3,345 | $3,686 | $3,715 | $3,856 |
Source: Ownwell