Property Taxes in Prospect, Virginia
Median Prospect, Virginia effective property tax rate: 0.51%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Prospect, Virginia home value: $114,100
Median annual Prospect, Virginia tax bill: $569, lower than the national median property tax bill of $2,400.
How are property taxes in Prince Edward calculated?
Property taxes in Prospect, Virginia 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 April 13, 2026
How Does the Prospect Property Tax Calculator Work?
Use this Prospect property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Prospect's median effective tax rate of 0.51% — based on actual property records in Prince Edward County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Prospect's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Prospect: rates range from 0.51% in 23960 to 0.51% in 23960, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Prospect.
About Prospect Property Taxes
About Property Taxes in Prospect, Prince Edward, Virginia
Prospect’s median effective property tax rate of 0.51% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Prince Edward County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Prospect. Homeowners in ZIP code 23960 carry a median effective rate of 0.51%, while those in 23960 pay 0.51%. This spread — 0.00 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Prince Edward County. Understanding which part of Prospect you live in can make a meaningful difference to your annual tax bill.
Prospect homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before the June 1, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Prospect, Prince Edward County, Virginia
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county 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, in a nutshell, this is the annual process.
Below, you can compare Prospect's effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
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
0.51%
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
1.27%
Property Tax Rates Across Prospect, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23960 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Prospect, Prince Edward 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 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.
Assessment notices:
In Prince Edward County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of January.
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. For example, the median home price in Prospect is $114,100, with tax bills ranging significantly across the county. ZIP code 23960 has the highest median home price at $114,100.
Property Tax Assessment Values Across Prospect, Prince Edward County, Virginia
Source: Ownwell
$102,300
$129,300
$156,300
Median Prospect Market Value
$114,100
Median Prince Edward County Market Value
$130,400
Median Virginia Market Value
$323,500
Median United States Market Value
$274,101
Property Tax Assessment Values Across Prospect, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23960 | $29,740 | $74,400 | $114,100 | $164,250 | $220,040 |
Source: Ownwell
Property Tax Bills Across Prospect, Prince Edward County, Virginia
Property tax bills in Prospect are based on the assessed market value of a home, not what a homeowner originally paid for it. Local tax rates are applied to that assessed value to determine the annual bill, so changes in market conditions can directly affect what a homeowner owes.
For many homeowners, the median home price is $114,100, and the median tax bill is $569. Bills can vary widely depending on the property’s value and location, with the 25th percentile at $361 and the 75th percentile at $827. At the high end, the 90th percentile reaches $1120, showing how larger or more valuable homes can face a much higher tax burden.
Because property taxes are tied to assessed value, homeowners may see their bills rise when home values increase. That makes understanding the assessment process important, since it affects annual housing costs and overall affordability.
Median Prospect Tax Bill
$569
Median Prince Edward County Tax Bill
$655
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$3,209
Property Tax Bills Across Prospect, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23960 | $136 | $361 | $569 | $827 | $1,120 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | February 20 |
Links | |
|---|---|
| Prince Edward Tax Assessor | |
| Website | epayments.co.prince-edward.va.us |