Prince George, Virginia Property Taxes
The median property tax rate in Prince George, VA is 0.75%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Prince George at $284,150, the typical annual property tax bill is approximately $2,114, falling below the national median of $2,690. Property taxes in 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 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 Prince George or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prince George, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$2,131
Ownwell’s Prince George Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prince George with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in 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 Prince George, Virginia
Property taxes in 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 Prince George is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Prince George set these rates annually, and they can vary significantly across different neighborhoods. Each year, 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 Prince George's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23875 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with 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 Prince George Tax Rate
0.75%
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 Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23875 | 0.72% | 0.72% | 0.75% | 0.79% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Prince George, Virginia
In 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 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 Prince George helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 23875 has the highest and lowest median tax bill at $2,114, which is above the national median property tax rate of 0.99%.
Average Prince George Assessed Value
$284,150
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 Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23875 | $199,800 | $244,800 | $284,150 | $333,900 | $397,490 |
Source: Ownwell
Property Tax Bills Across Prince George, Virginia
In Prince George, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically reflects a percentage of the property's market value. Homeowners' tax bills are then calculated by applying the local tax rate to this assessed value. For instance, with a median home price of $284,150, the tax bill can vary significantly. Factors influencing the tax bill include the property's location, size, and condition. In Prince George, the 25th percentile tax bill is $1,815, while the 75th percentile reaches $2,509, and the 90th percentile hits $3,064. The highest and lowest median tax bills both stand at $2,114 in the zip code 23875. Compared to the national median property tax rate of 0.99%, Prince George's rates reflect a range that can impact homeowners differently, depending on their property's assessed value. This variability underscores the importance of understanding local tax assessments and how they influence annual tax obligations.
Average Prince George Tax Bill
$2,114
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 Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23875 | $1,484 | $1,815 | $2,114 | $2,509 | $3,064 |
Source: Ownwell