Newsoms, Virginia Property Taxes
The median property tax rate in Newsoms, VA is 0.89%, aligning with the Virginia state median but slightly below the national median of 0.99%. With the median home value in Newsoms at $114,000, the typical annual property tax bill is $1,178, which is lower than the national median of $2,690. Property taxes in Newsoms are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Newsoms' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Newsoms or another part of Southampton County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newsoms, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,015
Ownwell’s Newsoms Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newsoms with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newsoms to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Newsoms, Virginia
Property taxes in Newsoms, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newsoms is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Newsoms set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newsoms 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 Newsoms' effective property tax rate to other counties in Virginia and the national median. For comparison, the 23874 zip code has both the highest and the lowest median property tax rate of 0.89%. Understanding how these cities compare with Newsoms provides valuable insights into the varying tax landscape across Southampton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newsoms Tax Rate
0.89%
Average Southampton County Tax Rate
0.89%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newsoms, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23874 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Newsoms, Virginia
In Newsoms, 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 Southampton 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 Newsoms, 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. For instance, the median home price in Newsoms is $114,000, with tax bills ranging from $755 at the 25th percentile to $2,535 at the 90th percentile. The highest and lowest median tax bills are both $1,178, found in the 23874 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newsoms Assessed Value
$114,000
Average Southampton County Assessed Value
$133,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newsoms, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23874 | $46,300 | $78,200 | $114,000 | $186,675 | $267,450 |
Source: Ownwell
Property Tax Bills Across Newsoms, Virginia
In Newsoms, Southampton County, VA, property tax bills are determined by assessing the value of a home and applying the local tax rate. The median home price in Newsoms is $114,000. The assessed value is then multiplied by the local property tax rate to calculate the tax bill. Homeowners in Newsoms can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $755, while at the 75th percentile, it rises to $1,835. The 90th percentile tax bill can go as high as $2,535. The highest and lowest median tax bills in the area are both $1,178, corresponding to the ZIP code 23874. These figures indicate that while some homeowners might pay less, others could face higher tax bills depending on their property's assessed value. Understanding these variations helps homeowners anticipate their financial obligations and plan accordingly.
Average Newsoms Tax Bill
$1,178
Average Southampton County Tax Bill
$1,244
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Newsoms, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23874 | $483 | $755 | $1,178 | $1,835 | $2,535 |
Source: Ownwell