Rice, Virginia Property Taxes
The median property tax rate in Rice, 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 Rice at $126,350, the typical annual property tax bill reaches $606, significantly below the national median of $2,690. Property taxes in Rice 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 Rice'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 Rice 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
Rice, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$606
$563
Ownwell’s Rice Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rice with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rice 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 Rice, Virginia
Property taxes in Rice, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rice 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 Rice set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rice 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 Rice's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23966 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 areas compare with Rice 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 Rice 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 Rice, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23966 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Rice, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Rice, Virginia. The market value represents 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 Rice, 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 Rice helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rice is $126,350, with tax bills ranging from $399 at the 25th percentile to $1,211 at the 90th percentile. The highest and lowest median tax bills are both $606 in zip code 23966.
Average Rice Assessed Value
$126,350
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 Rice, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23966 | $41,200 | $83,225 | $126,350 | $186,075 | $252,250 |
Source: Ownwell
Property Tax Bills Across Rice, Virginia
In Rice, Prince Edward County, VA, property tax bills are determined by the assessed value of a home and the local tax rate. The median home price in Rice is $126,350, which serves as a baseline for calculating taxes. The assessed value is multiplied by the local tax rate to determine the annual tax bill. For example, homeowners in the 25th percentile can expect a tax bill around $399, while those in the 75th percentile may see bills up to $893. The highest median tax bill in the area is $606.00, which is significantly lower than the national median property tax rate of 0.99%. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value and, consequently, the tax bill. This system ensures that homeowners contribute to local services proportionally based on their property's value, impacting their annual financial planning and overall cost of homeownership.
Average Rice Tax Bill
$606
Average Prince Edward County Tax Bill
$622
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Rice, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23966 | $198 | $399 | $606 | $893 | $1,211 |
Source: Ownwell