Farmville, Virginia Property Taxes
The median property tax rate in Farmville, VA is 0.48%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $156,200 in Farmville, the typical annual property tax bill amounts to $750, which is well below the national median of $2,690. Property taxes in Farmville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Farmville'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 Farmville or another part of Prince Edward County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farmville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$750
$696
Ownwell’s Farmville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmville 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 Prince Edward County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Farmville, Virginia
Property taxes in Farmville, Virginia, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmville is 0.48%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Farmville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmville 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 Farmville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23901 zip code 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 Farmville 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 Farmville 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 Farmville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23901 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Farmville, Virginia
In Farmville, 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 Prince Edward 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 Farmville, 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 Farmville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Farmville is $156,200, with the median tax bill ranging from $453 at the 25th percentile to $1,355 at the 90th percentile. The highest and lowest median tax bills in the region are both $750, found in the 23901 zip code.
Average Farmville Assessed Value
$156,200
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 Farmville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23901 | $61,740 | $94,200 | $156,200 | $219,600 | $282,320 |
Source: Ownwell
Property Tax Bills Across Farmville, Virginia
In Farmville, VA, property tax bills are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the property's location within Prince Edward County, its size, and its market value play crucial roles in the assessment process. For example, a home with a median price of $156,200 would have its tax bill calculated by applying the local tax rate to this value. Homeowners in Farmville can expect their tax bills to vary significantly. The 25th percentile tax bill is around $453, while the 75th percentile tax bill reaches up to $1,054. At the 90th percentile, homeowners might see tax bills as high as $1,355. The median tax bill in the area is approximately $750, which is below the national median property tax rate of 0.99%. This variation in tax bills impacts homeowners differently, depending on their property's assessed value and the applicable tax rate.
Average Farmville Tax Bill
$750
Average Prince Edward County Tax Bill
$622
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23901 | $297 | $453 | $750 | $1,054 | $1,355 |
Source: Ownwell