Property Taxes in Rice, Virginia
Median Rice, 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 Rice, Virginia home value: $141,950
Median annual Rice, Virginia tax bill: $711, $1,689 lower than the national median property tax bill of $2,400.
How are property taxes in Prince Edward calculated?
Property taxes in Rice, 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 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 April 13, 2026
How Does the Rice Property Tax Calculator Work?
Use this Rice property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Rice'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 assessment office uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Rice'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 Rice: rates range from 0.51% in 23966 to 0.51% in 23966, 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 Rice.
About Rice Property Taxes
About Property Taxes in Rice, Prince Edward, Virginia
Rice’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 Rice. Homeowners in the 23966 ZIP code carry a median effective rate of 0.51%, while those in the lowest ZIP also pay 0.51%. This spread reflects how school district boundaries and local assessment districts are drawn across Prince Edward County. Understanding which part of Rice you live in can make a meaningful difference to your annual tax bill.
Rice homeowners who believe their assessed value is too high can file a formal appeal with the 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 Rice, 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 Rice'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 Ă· 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
0.51%
Our median effective property tax rate (tax bill Ă· 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 Rice, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23966 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
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 assesses 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 Rice, the median home price is $141,950, with a median tax bill of $711. That is well below the national median property tax bill of $2,400 and reflects a lower burden than the national median property tax rate of 1.02%.
Property Tax Assessment Values Across Rice, Prince Edward County, Virginia
Source: Ownwell
$102,300
$129,300
$156,300
Median Rice Market Value
$141,950
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 Rice, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23966 | $50,810 | $93,625 | $141,950 | $198,575 | $261,050 |
Source: Ownwell
Property Tax Bills Across Rice, Prince Edward County, Virginia
How are property tax bills calculated in Rice?
Property tax bills in Rice are based on the assessed value of a home and the local tax rate set for Prince Edward County. When a property’s market value changes, the assessed value can change too, which affects the final bill homeowners receive. The calculation considers the home’s value, any exemptions that may apply, and the county’s tax rate.
What do homeowners pay in Rice?
The median home price in Rice is $141,950, and the median property tax bill is $711.00. That is well below the national median property tax bill of $2,400 and below the national median property tax rate of 1.02%. Property tax bills in the area range from $456 at the 25th percentile to $1,327 at the 90th percentile, so homeowners can see meaningful differences depending on their property’s assessed value and location.
Median Rice Tax Bill
$711
Median Prince Edward County Tax Bill
$655
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$3,209
Property Tax Bills Across Rice, Prince Edward County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23966 | $213 | $456 | $711 | $1,001 | $1,327 |
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 |