Example of Prince William County Property Tax Calculation
Prince William County calculates property taxes based on the assessed value of the property. For example, if a home is assessed at $300,000, the tax rate for that particular year is multiplied by that amount to determine the property tax.
The tax rate in Prince William County for the fiscal year 2020-2021 is $1.125 per $100 of assessed value. Therefore, the property tax for a home assessed at $300,000 would be $3,375 ($1.125 x 300).
It is important to note that property taxes can vary from year to year based on changes in the assessed value and the tax rate. Homeowners in Prince William County can view their property tax information and make payments online through the county's website.
If you want appeal your property tax assessment - contact your local tax assessor.
Prince William County Property Tax Rates
The following table lists the property tax rates for Prince William County in US English format. The rates are listed in dollars per $100 of assessed value for easy reference:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Estate | $1.1255 |
| Personal Property | $4.20 |
| Machinery & Tools | $2.00 |
| Merchant's Capital | $1.25 |
These rates are subject to change and may vary depending on specific circumstances. It's always advisable to consult with a tax advisor for any questions or concerns related to property taxes in Prince William County.
Who sets property tax rates in Prince William County ?
Who sets property tax rates in Prince William County?
The Board of County Supervisors sets the property tax rates in Prince William County.
When are the property tax rates set?
Property tax rates are set annually in the month of April during the county's budget-setting process.
How are property tax rates determined?
The Board of County Supervisors considers various factors before determining the property tax rates, such as the county's revenue needs, the state's tax policies, and feedback received from the community.
What is the current property tax rate in Prince William County?
As of 2021, the property tax rate in Prince William County is $1.125 per $100 of assessed value.
How can property owners pay their property taxes?
Property owners can pay their property taxes online, by mail, or in person at the Treasurer's Office. The county also offers various payment plans and tax relief programs for eligible individuals.
Homestead exemptions in Prince William County ?
Homestead Exemptions and Deductions in Prince William County, Virginia
Here are the details of all the county-specific Homestead exemptions and deductions in Prince William County, Virginia:
Exemption
This refers to the amount of property value that will be exempted from tax assessment.
| Exemption | Details |
|---|---|
| General Exemption | $4,000 |
| Senior Exemption | $20,000 |
| Disabled Exemption | $20,000 |
| Disabled Veteran Exemption | 100% of assessed value |
Eligibility
This indicates the eligibility criteria for each exemption.
| Eligibility | Details |
|---|---|
| General Exemption | Available to all homeowners |
| Senior Exemption | Available to homeowners aged 65 and above |
| Disabled Exemption | Available to homeowners with a permanent and total disability |
| Disabled Veteran Exemption | Available to veterans with a 100% service-connected disability |
Amount
This specifies the maximum amount of exemption that can be claimed for each category.
| Amount | Details |
|---|---|
| General Exemption | Up to $4,000 |
| Senior Exemption | Up to $20,000 |
| Disabled Exemption | Up to $20,000 |
| Disabled Veteran Exemption | 100% of assessed value |
Notes
This highlights important points about each exemption.
| Notes | Details |
|---|---|
| General Exemption | This exemption is automatically applied to eligible properties. |
| Senior Exemption | The homeowner must have resided in the property for at least five years to be eligible. |
| Disabled Exemption | The homeowner must have a letter from the Social Security Administration verifying their disability. |
| Disabled Veteran Exemption | This exemption is limited to one property per veteran. |
These exemptions and deductions can help homeowners in Prince William County, Virginia to reduce their property tax bills. It is recommended to carefully review the eligibility criteria and required documentation before applying for any exemption or deduction.
When is Prince William County Property Tax due ?
Prince William County Property Tax is typically due on June 5th each year. However, if that date falls on a weekend or a holiday, the due date is extended to the next business day.
There are several options available for taxpayers to make their payments:
| Payment Method | Details |
|---|---|
| Online | Payment can be made online using a credit card, debit card, or electronic check. A convenience fee is charged for this service. |
| Payments can be mailed to the address listed on the tax bill. Payments must be postmarked by the due date to avoid penalties and interest. | |
| In-Person | Payments can be made in person at the County Treasurer's Office during regular business hours. Payments can be made using cash, check, or money order. |
It is important to note that failure to pay property taxes on time can result in penalties and interest charges. If a taxpayer is unable to pay their property tax bill in full, they may be eligible for a payment plan. It is recommended that taxpayers contact the County Treasurer's Office to discuss their options.
If you have more questions - contact your local tax collector.
How is Prince William County Property Tax penalty calculated ?
Prince William County calculates property tax penalties based on a percentage of the unpaid taxes owed. The penalty rates and due dates vary according to the type of property and the tax year. Here's an example to help illustrate how the penalty is calculated:
Suppose John owns a property in Prince William County and his property tax bill for the year is $5,000. The due date for the tax payment is June 5th, but John misses the deadline and doesn't make the payment until August 10th. By this time, he owes the $5,000 plus a penalty for the late payment.
The penalty rate is 10% of the unpaid taxes, so John's penalty would be calculated as follows:
Unpaid taxes = $5,000 Penalty rate = 10% Days late = 66 (from June 5th to August 10th)
Penalty amount = $5,000 x 10% x (66/365) = $90.68
Therefore, John would owe a total of $5,090.68 for his property taxes including the penalty for the late payment.
It's important to note that the penalty rate increases over time, so if John still didn't make the payment after August 10th, he would be subject to an additional penalty on top of the original penalty. It's always best to pay property taxes on time to avoid additional fees and penalties.
Here's a table summarizing the penalty rates for property tax payments in Prince William County:
| Property Type | Due Date | Penalty Rate |
|---|---|---|
| Real Estate | June 5th | 10% |
| Personal Property | October 5th | 10% |
| Mobile Homes | October 5th | 10% |
By following the due dates and making timely payments, property owners can avoid paying penalties and keep their taxes up-to-date.
We recommend contacting the Prince William County Tax Office or a local tax professional for the most up-to-date and accurate information.