Newport News, Virginia Property Taxes
The median property tax rate in Newport News, VA, is 1.16%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Newport News at $247,650, the typical annual property tax bill reaches $2,848, exceeding the national median of $2,690. Property taxes in Newport News 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 News'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 News 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 News, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Newport News Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Newport News. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Newport News to provide an accurate estimate of your property tax bill. This valuable tool helps you anticipate potential tax liabilities and plan your finances accordingly. For those interested in more detailed information, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value is determined by the county for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Newport News, Virginia
Property taxes in Newport News, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport News is 1.16%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Newport News set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport News 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 News's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23606 zip code has the highest median property tax rate of 1.17%, while the 23601 zip code has the lowest median tax rate of 1.15%. Understanding how these cities compare with Newport News provides valuable insights into the varying tax landscape across Newport News, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newport News Tax Rate
1.16%
Average Newport News County Tax Rate
1.16%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport News, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23601 | 1.09% | 1.13% | 1.15% | 1.18% | 1.20% |
| 23602 | 1.09% | 1.12% | 1.15% | 1.18% | 1.21% |
| 23603 | 1.03% | 1.11% | 1.17% | 1.20% | 1.21% |
| 23605 | 1.10% | 1.14% | 1.16% | 1.17% | 1.19% |
| 23606 | 1.10% | 1.14% | 1.17% | 1.19% | 1.21% |
| 23607 | 1.08% | 1.12% | 1.16% | 1.19% | 1.22% |
| 23608 | 1.10% | 1.12% | 1.15% | 1.17% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Newport News, Virginia
In Newport News, 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 local 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 News, 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. For instance, the highest median tax bill in Newport News is $3,653 in the 23606 zip code, while the lowest is $1,458 in the 23607 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newport News Assessed Value
$247,650
Average Newport News County Assessed Value
$247,650
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newport News, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23601 | $186,630 | $214,900 | $248,600 | $293,700 | $376,770 |
| 23602 | $150,400 | $217,700 | $264,050 | $333,000 | $397,630 |
| 23603 | $165,200 | $183,600 | $229,200 | $338,500 | $409,700 |
| 23605 | $145,700 | $168,800 | $191,700 | $220,450 | $258,380 |
| 23606 | $206,270 | $256,325 | $313,350 | $403,600 | $527,490 |
| 23607 | $76,100 | $96,500 | $129,500 | $178,100 | $235,700 |
| 23608 | $144,800 | $208,100 | $257,000 | $305,300 | $350,000 |
Source: Ownwell
Property Tax Bills Across Newport News, Virginia
Property tax bills in Newport News, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the city’s assessor and reflects the market value of the home. Homeowners in Newport News experience a range of property tax bills. For instance, the median home price is $247,650, and the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $2,193, while those at the 75th percentile could see bills as high as $3,562. The 90th percentile tax bill reaches up to $4,403. Additionally, the highest median tax bill in the city is $3,653 in zip code 23606, whereas the lowest is $1,458 in zip code 23607. These variations can be influenced by factors such as property location, home improvements, and changes in market conditions. Compared to the national median property tax rate of 0.99%, Newport News homeowners may find their tax rates relatively comparable, affecting their overall financial planning and homeownership costs.
Average Newport News Tax Bill
$2,848
Average Newport News County Tax Bill
$2,848
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport News, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23601 | $2,189 | $2,500 | $2,847 | $3,297 | $4,304 |
| 23602 | $1,695 | $2,510 | $3,053 | $3,813 | $4,497 |
| 23603 | $1,737 | $1,973 | $2,719 | $3,907 | $4,665 |
| 23605 | $1,705 | $1,957 | $2,199 | $2,504 | $2,920 |
| 23606 | $2,378 | $2,996 | $3,653 | $4,682 | $5,994 |
| 23607 | $906 | $1,117 | $1,458 | $1,975 | $2,558 |
| 23608 | $1,617 | $2,390 | $2,965 | $3,503 | $4,018 |
Source: Ownwell