Prince William County Va Real Estate Tax Rate
Introduction
Prince William County is a county located in the Commonwealth of Virginia, United States. It is a fast-growing county with a population of over 470,000. If you are considering purchasing a home in Prince William County, you may be wondering about the real estate tax rate. This article will provide you with all the information you need to know about the real estate tax rate in Prince William County, VA.
What is Real Estate Tax?
Real estate tax, also known as property tax, is a tax that is levied on real property, such as land, buildings, and other structures. The tax is based on the assessed value of the property and is typically paid annually.
Real Estate Tax Rate in Prince William County, VA
The real estate tax rate in Prince William County, VA, for fiscal year 2021 is $1.125 per $100 of assessed value. This means that if your home is assessed at $300,000, your annual real estate tax bill would be $3,375 ($300,000 divided by 100, multiplied by $1.125).
How is Real Estate Assessed in Prince William County, VA?
The assessed value of real estate in Prince William County, VA, is determined by the county assessor's office. The assessor's office evaluates the property and assigns a value based on the fair market value of the property. The assessed value is then used to calculate the real estate tax bill.
Real Estate Tax Exemptions in Prince William County, VA
Prince William County, VA, offers several real estate tax exemptions. The most common exemptions include:
- Homestead Exemption: This exemption is available to homeowners who use their home as their primary residence. The exemption reduces the assessed value of the home by $20,000, which can result in significant tax savings.
- Servicemembers and Veterans Exemption: This exemption is available to veterans and active-duty servicemembers who own real estate in Prince William County, VA. The exemption reduces the assessed value of the property by $10,000.
- Elderly and Disabled Exemption: This exemption is available to homeowners who are over 65 years old or who have a disability. The exemption reduces the assessed value of the home by $30,000.
It is important to note that these exemptions have specific eligibility requirements and application procedures. You should contact the Prince William County assessor's office for more information.
Conclusion
As you can see, the real estate tax rate in Prince William County, VA, is $1.125 per $100 of assessed value for fiscal year 2021. The assessed value of real estate in the county is determined by the assessor's office, and there are several exemptions available to homeowners, including the homestead exemption, servicemembers and veterans exemption, and elderly and disabled exemption. If you have any questions about real estate tax in Prince William County, VA, you should contact the assessor's office for more information.