South Prince George, Virginia Property Taxes
The median property tax rate in South Prince George, VA, is 0.78%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $258,000 in South Prince George, the typical annual property tax bill amounts to $1,969, which is below the national median of $2,690. Property taxes in South Prince George are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding South 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 South 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
South Prince George, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$2,012
$1,867
Ownwell’s South Prince George Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Prince George with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South 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 South Prince George, Virginia
Property taxes in South Prince George, Virginia, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in South Prince George is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within South Prince George set these rates annually, and they can vary significantly across different neighborhoods. Each year, South 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 South Prince George's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23805 has the same median property tax rate of 0.78%. Understanding how these areas compare with South 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 South 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 South Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23805 | 0.71% | 0.71% | 0.78% | 0.79% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across South Prince George, Virginia
In South 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 Prince George 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 South 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 South Prince George helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1969, found in the 23805 zip code, highlighting a consistent tax landscape.
Property Tax Assessment Values Across South Prince George, Virginia
Source: Ownwell
$74,050
$201,050
$328,050
Average South Prince George Assessed Value
$258,000
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 South Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23805 | $180,500 | $212,725 | $258,000 | $354,800 | $469,350 |
Source: Ownwell
Property Tax Bills Across South Prince George, Virginia
In South Prince George, VA, property tax bills are calculated based on the assessed value of a home, which differs from its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition, as well as market trends and recent sales of comparable properties. Homeowners in South Prince George face varying tax bills. For instance, the 25th percentile tax bill is $1,621, while the 75th percentile tax bill reaches $2,667. At the 90th percentile, homeowners can expect a tax bill of $3,568. These figures show a range of property tax burdens, reflecting differences in property values and corresponding assessments within the area. Comparatively, the national median property tax rate is 0.99%. Understanding these dynamics is crucial for homeowners as property taxes significantly impact annual expenses and overall housing affordability.
Average South Prince George Tax Bill
$1,969
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 South Prince George, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23805 | $1,360 | $1,621 | $1,969 | $2,667 | $3,568 |
Source: Ownwell