January 2024 Property Valuations

January 2024 Property Valuations

For immediate release:
January 24, 2024

For additional information, contact:
Jackie Lipford, Public Information Officer
(804) 722-8607

January 2024 Property Valuations

Prince George, VA - Prince George County property owners will be mailed assessment notices informing them of the January 1, 2024, value of their property. This value becomes the basis of real estate tax bills due in December 2024 and June 2025.

The annual reassessment of the County’s 14,106 real estate parcels resulted in an overall increase in the County’s total taxable value of 3.76%. 43% of properties increased in value and the median increase was 7%. 54% of properties did not change in value while 3% of parcels decreased in value. Residential properties and agricultural parcels of less than 100 acres experienced an increase of slightly more than 6%, while multi-family properties saw a decrease of more than 10%. Agricultural properties spanning more than 100 acres saw an increase of over 36%. A significant number of these parcels are in the Land Use Program, resulting in a much smaller tax increase. Commercial and industrial properties experienced a decrease of 4%. This decrease is attributed to the re-coding associated with the implementation of new assessment software.

This year’s reassessment reflects the continued positive trend in Prince George County and reflects the strong real estate that has developed over the past five years. Over this period, the quantity of transfers has increased by 29% and the average residential value has increased by 73% - from $179,650 to $310,632.

The Real Estate Assessor’s Office is a five-member team that strives to annually assess the real estate value of Prince George County fairly and equitably under the authority of the Constitution of Virginia, Code of Virginia, and Prince George County Code, and in accordance with standards of professional practice. The office is one of 64 in the United States and Canada to receive the Certificate of Excellence in Assessment Administration from the International Association of Assessing Officers.

Property owners having questions about their property value should call the Real Estate Assessor’s Office at (804) 722-8629, or visit the department’s website. Property owners wishing to appeal their assessment have two months in which to do so. Applications can be found on the department’s website, by calling the office or visiting in person at 6602 Courts Drive, Suite 204. The deadline for an office review is March 1, 2024, and the deadline for the Board of Equalization is April 1, 2024.