Prospect, Appomattox County, Virginia Property Taxes

Name: Property Tax Bills Across Prospect, Appomattox County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Prospect, VA effective property tax rate: 0.63%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Prospect, VA home value: $127,300
Median annual Prospect, VA tax bill: $802, $1,598 lower than the national median property tax bill of $2,400.

How are property taxes in Appomattox calculated?

Property taxes in Prospect, VA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Prospect’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Prospect, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Prospect, Appomattox County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.63%

Estimate Property Tax Bill

$802

$744

Ownwell’s Prospect Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Prospect with just two data points. By entering your property's estimated assessed value, our calculator applies Prospect’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Appomattox. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Prospect, Appomattox County, Virginia

Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is the annual process in a nutshell. In Prospect, located in Appomattox County, Virginia, the effective property tax rate is notably different from other cities in the state. Virginia's median property tax rate is 0.63%, which is significantly lower than the national median of 1.02%. This means that residents of Prospect generally enjoy lower property tax rates compared to many other areas across the country. However, it's important to remember that lower tax rates can also mean fewer resources for public services, which can impact community infrastructure and amenities. By understanding these dynamics, property owners can make informed decisions about where to live and how to manage their property tax responsibilities effectively.

Property Tax Rates Across Prospect, Appomattox County, Virginia

Source: Ownwell

0.63%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Prospect Tax Rate

0.63%

Median Effective Appomattox County Tax Rate

0.63%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Prospect, Appomattox County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
23960	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Prospect, Appomattox County, Virginia

When examining property taxes in Prospect, Virginia, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Appomattox County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Appomattox County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Prospect. For example, the median home price in Prospect is $127,300, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Prospect, Appomattox County, Virginia

Source: Ownwell

$47,300

$91,000

$134,700

Median Prospect Market Value

$127,300

Median Appomattox County Market Value

$118,500

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Prospect, Appomattox County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
23960	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Prospect, Appomattox County, Virginia

In Prospect, Appomattox County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Prospect, the median property tax bill is notably lower than the national median of $2,400, with the 25th percentile tax bill at $637 and the 75th percentile at $1,136. This range highlights the variation in tax bills depending on the assessed value and specific circumstances of each property.

Homeowners in Prospect can benefit from appealing their property tax assessments to potentially lower their bills. By leveraging Ownwell's expertise in property tax appeals and exemptions, homeowners can ensure their properties are fairly assessed. Ownwell's team works to identify discrepancies or overvaluations in assessments, helping homeowners save on their property tax bills. This service is particularly valuable in regions like Prospect, where every dollar saved can make a significant difference in a homeowner's annual expenses.

Property Tax Bills Across Prospect, Appomattox County, Virginia

Source: Ownwell

$273

$552

$831

Median Prospect Tax Bill

$802

Median Appomattox County Tax Bill

$735

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across Prospect, Appomattox County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
23960	N/A	N/A	N/A	N/A	N/A

Source: Ownwell