North Prince George, Virginia Property Taxes
The median property tax rate in North Prince George, VA is 0.78%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $262,400 in North Prince George, the typical annual property tax bill reaches $2,040, falling below the national median of $2,690. Property taxes in North Prince George are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding North 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 North 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
North Prince George, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$2,047
$1,899
Ownwell’s North Prince George Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Prince George with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Prince George 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 North Prince George, Virginia
Property taxes in North Prince George, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in North Prince George is 0.78%, which is below the U.S. national median of 0.99%. Local government entities within North Prince George set these rates annually, and they can vary across different neighborhoods. Each year, North 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 North Prince George's effective property tax rate to other areas in Prince George County and the national median. For comparison, the zip code 23860 has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these areas compare with North Prince George provides valuable insights into the varying tax landscape across Prince George County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Prince George Tax Rate
0.78%
Average Prince George County Tax Rate
0.76%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23860 | 0.73% | 0.76% | 0.78% | 0.80% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across North Prince George, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in North Prince George, Virginia. 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 North 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 North Prince George helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 23860 has the highest and lowest median tax bill at $2,040.
Property Tax Assessment Values Across North Prince George, Virginia
Source: Ownwell
$74,050
$201,050
$328,050
Average North Prince George Assessed Value
$262,400
Average Prince George County Assessed Value
$279,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23860 | $171,660 | $198,700 | $262,400 | $351,900 | $429,380 |
Source: Ownwell
Property Tax Bills Across North Prince George, Virginia
In North Prince George, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in this area is $262,400. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For homeowners in North Prince George, the tax bill can vary significantly. The 25th percentile tax bill is $1,517, while the 75th percentile tax bill is $2,765. At the 90th percentile, homeowners can expect to pay around $3,400. The highest median tax bill in the area is $2,040, which is notably higher than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly. It's essential for homeowners to stay informed about their property’s assessed value and any changes in the tax rate to manage their finances effectively.
Average North Prince George Tax Bill
$2,040
Average Prince George County Tax Bill
$2,102
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across North Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23860 | $1,264 | $1,517 | $2,040 | $2,765 | $3,400 |
Source: Ownwell