23960 Property Tax Rate

Property owners in ZIP code 23960 (Prospect, Virginia) pay a median of $676/year in property taxes on homes valued at $193,400. This translates to an effective tax rate of 0.35%, which is 48% below the Virginia state average of 0.67%.

The monthly property tax burden for a median-valued home in 23960 is approximately $56, which factors into escrow payments on mortgages. This ZIP code is located within Prince Edward County. This is $1,567 less than the Virginia average of $2,243/year.

Compared to similar ZIP codes in Virginia, 23960 has higher property taxes. ZIP codes with similar effective rates include 24634 (0.36%) and 24598 (0.34%).

In Prospect, property taxes represent approximately 1.1% of the median household income of $61,563, providing context for the relative tax burden on homeowners in this area.

Virginia imposes no state property tax — Prince Edward County's 0.45% rate is the sole local tax, applied without reassessment limits at purchase. Agricultural property owners should apply for Land Use Taxation through the Prince Edward County Assessor to reduce your assessment to use value. Seniors 65+ and permanently disabled individuals should contact the Prince Edward County Assessor to explore circuit breaker relief eligibility, which can substantially reduce your annual property tax if income qualifies.