Green Bay, Prince Edward County, Virginia Property Taxes
Median Green Bay, VA effective property tax rate: 0.48%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Green Bay, VA home value: $109,700
Median annual Green Bay, VA tax bill: $527, $1,873 lower than the national median property tax bill of $2,400.
How are property taxes in Prince Edward County calculated?
Property taxes in Green Bay, 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 Green Bay’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Green Bay, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Green Bay, Prince Edward County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.51%
Estimate Property Tax Bill
$556
$516
Property Tax Rates Across Green Bay, Prince Edward County, Virginia
Local government entities set tax rates, and these can vary significantly within a state. This variation occurs because each county annually estimates its budgetary needs for providing services and determines the tax rate by dividing this budget by the total value of all taxable property in its area. This process results in the property tax rate. Although there are votes and legislation involved in setting these rates and budgets, this is essentially how the annual process works.
In Green Bay, located in Prince Edward County, Virginia, you can compare the effective property tax rate to other cities in Virginia and the median property tax rates in both Virginia and the U.S. Virginia's median property tax rate is notably lower than the national median, making it an attractive option for property owners. Understanding these rates can help property owners make informed decisions about where to buy or invest in property. Whether you're considering relocating or investing, exploring these tax rates can provide valuable insights into potential savings and financial planning.
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 Green Bay Tax Rate
0.51%
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 Prince Edward County Tax Rate
0.51%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Green Bay, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23942 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Green Bay, Prince Edward County, Virginia
When examining property taxes in Green Bay, VA, 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 Prince Edward 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 Prince Edward County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Green Bay. For example, the median home price in Green Bay is $109,700, with tax bills ranging significantly across the county. Zip code 23942 has the highest median home price at $109,700.
Property Tax Assessment Values Across Green Bay, Prince Edward County, Virginia
Source: Ownwell
$102,300
$129,300
$156,300
Median Green Bay Market Value
$109,100
Median Prince Edward County Market Value
$130,400
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Green Bay, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23942 | $22,140 | $45,750 | $109,100 | $155,700 | $216,700 |
Source: Ownwell
Property Tax Bills Across Green Bay, Prince Edward County, Virginia
In Green Bay, VA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate set by Prince Edward County. The median home price in Green Bay is $109,700, and property tax bills can vary significantly. For example, the tax bill at the 25th percentile is $257, while at the 90th percentile, it reaches $1,050. These variations are influenced by factors such as property location, home improvements, and changes in the local tax rate. Homeowners in Green Bay face property tax bills that can be lower than the national median of $2,400, but they can still be a burden, especially if the assessed value of their property increases unexpectedly.
Ownwell can assist homeowners in Green Bay by reviewing their property assessments and filing appeals if necessary, potentially lowering their tax bills. By leveraging expert knowledge and experience, Ownwell ensures homeowners pay only their fair share, helping them save money and achieve financial peace of mind.
Median Green Bay Tax Bill
$552
Median Prince Edward County Tax Bill
$655
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Green Bay, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23942 | $108 | $204 | $552 | $793 | $1,105 |
Source: Ownwell