Newport, Virginia Property Taxes
The median property tax rate in Newport, VA is 0.63%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Newport at $125,000, the typical annual property tax bill reaches $788, significantly below the national median of $2,690. Property taxes in Newport are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Newport's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Newport or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newport, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$788
Ownwell’s Newport Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Newport with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Newport to project your property tax bill, providing a clear picture of potential tax liabilities. This user-friendly tool is invaluable for financial planning and property investment decisions. To explore trends at a more granular level, you can scroll down for detailed neighborhood information. Your property’s assessed value is determined by the county for tax purposes and includes any applicable exemptions, ensuring an accurate estimate of your tax obligations.
Property Tax Rates Across Newport, Virginia
Property taxes in Newport, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport is 0.63%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Newport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Newport's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24128 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Newport provides valuable insights into the varying tax landscape across Craig County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newport Tax Rate
0.63%
Average Craig County Tax Rate
0.63%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24128 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Newport, Virginia
In Newport, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Craig County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Newport, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Newport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Newport are both $788.00 in the 24128 zip code.
Average Newport Assessed Value
$125,000
Average Craig County Assessed Value
$106,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newport, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24128 | $38,060 | $77,750 | $125,000 | $184,550 | $253,680 |
Source: Ownwell
Property Tax Bills Across Newport, Virginia
In Newport, VA, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Newport can expect their tax bills to vary significantly depending on the value of their property. The median home price in Newport is $125,000. For a home at this price, the tax bill can range from $484 at the 25th percentile to $1,598 at the 90th percentile. The property tax rate in Newport can have a substantial effect on homeowners, influencing their overall cost of living. Compared to the national median property tax rate of 0.99%, Newport's rates can be seen as relatively moderate. However, individual tax bills will still depend on the specific assessed value of each property. High property taxes can impact affordability, making it essential for homeowners to understand their tax obligations and how they are calculated.
Average Newport Tax Bill
$788
Average Craig County Tax Bill
$663
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24128 | $229 | $484 | $788 | $1,163 | $1,598 |
Source: Ownwell