Rice, Prince Edward County, Virginia Property Taxes
Median Rice, 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 Rice, VA home value: $126,350
Median annual Rice, VA tax bill: $606, $1,794 lower than the national median property tax bill of $2,400.
How are property taxes in Prince Edward calculated?
Property taxes in Rice, 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 Rice’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Rice, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Rice, Prince Edward County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.48%
Estimate Property Tax Bill
$606
$563
Property Tax Rates Across Rice, Prince Edward County, Virginia
Local government entities in Rice, located in Prince Edward County, Virginia, establish property tax rates which can differ significantly across the state. This variation occurs because each year, counties calculate their necessary budget to deliver essential services, dividing this figure by the total assessed value of all taxable properties within their boundaries. The outcome of this calculation is the property tax rate. Although there are votes and regulations that influence the setting of tax rates and budgets, this annual process is a simplified explanation.
Rice's effective property tax rate can be compared to other cities within Virginia and the national median. The median property tax rate in Rice is 0.48%, which is significantly lower than the national median of 1.02%. This lower rate can result in substantial savings for property owners in Rice compared to the national average. By understanding these rates, property owners in Rice can better navigate their financial responsibilities and potentially seek assistance in appealing their property tax assessments to ensure they are not overpaying.
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 Rice Tax Rate
0.48%
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
0.48%
Median Effective Virginia Tax Rate
0.89%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Rice, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23966 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Rice, Prince Edward County, Virginia
When examining property taxes in Rice, 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.
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 Rice.
For example, the median home price in Rice is $126,350, with tax bills ranging significantly across the county. The zip code 23966 has the highest median home price at $126,350.
Property Tax Assessment Values Across Rice, Prince Edward County, Virginia
Source: Ownwell
$102,300
$129,250
$156,200
Median Rice Market Value
$126,350
Median Prince Edward County Market Value
$129,500
Median Virginia Market Value
$298,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Rice, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23966 | $41,200 | $83,225 | $126,350 | $186,075 | $252,250 |
Source: Ownwell
Property Tax Bills Across Rice, Prince Edward County, Virginia
Median Rice Tax Bill
$606
Median Prince Edward County Tax Bill
$622
Median Virginia Tax Bill
$2,608
Median United States Tax Bill
$2,400
Property Tax Bills Across Rice, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23966 | $198 | $399 | $606 | $893 | $1,211 |
Source: Ownwell