Burkeville, Prince Edward County, Virginia Property Taxes
The median property tax rate in Burkeville, VA is 0.48%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Burkeville at $102,300, the typical annual property tax bill reaches $491, significantly below the national median of $2,690. Property taxes in Burkeville 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 Burkeville'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 Burkeville 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
Burkeville, Prince Edward County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$491
$456
Ownwell’s Burkeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burkeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burkeville 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 Burkeville, Prince Edward County, Virginia
Property taxes in Burkeville, Virginia, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Burkeville is 0.48%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Burkeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burkeville 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 Burkeville's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23922 has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Burkeville provides valuable insights into the varying tax landscape across Prince Edward County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burkeville Tax Rate
0.48%
Average Prince Edward County Tax Rate
0.48%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burkeville, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23922 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Burkeville, Prince Edward County, Virginia
In Burkeville, 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 local authorities 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. 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 Burkeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $491, found in the 23922 zip code.
Property Tax Assessment Values Across Burkeville, Prince Edward County, Virginia
Source: Ownwell
$102,300
$129,250
$156,200
Average Burkeville Assessed Value
$102,300
Average Prince Edward County Assessed Value
$129,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burkeville, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23922 | $27,620 | $59,550 | $102,300 | $153,850 | $202,320 |
Source: Ownwell
Property Tax Bills Across Burkeville, Prince Edward County, Virginia
Property tax bills in Burkeville, located in Prince Edward County, VA, are calculated based on the assessed value of a property and the local tax rate. The median home price in Burkeville is $102,300, which provides a baseline for determining property taxes. Local authorities assess the value of properties annually, considering factors such as market conditions, property size, and improvements. For homeowners, the tax bill can vary significantly. At the 25th percentile, the tax bill is approximately $286, while at the 75th percentile, it rises to about $738. Those in the 90th percentile may see tax bills as high as $971. These variations reflect differences in property values and assessments. Compared to the national median property tax rate of 0.99%, Burkeville's rates are relatively modest, making it a more affordable option for homeowners. However, understanding how these taxes are calculated and their potential impact is crucial for budgeting and financial planning.
Average Burkeville Tax Bill
$491
Average Prince Edward County Tax Bill
$622
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Burkeville, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23922 | $133 | $286 | $491 | $738 | $971 |
Source: Ownwell