New Canton, Virginia Property Taxes
The median property tax rate in New Canton, VA is 0.55%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in New Canton at $98,650, the typical annual property tax bill amounts to $539, well below the national median of $2,690. Property taxes in New Canton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Canton'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 New Canton or another part of Buckingham County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Canton, 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 New Canton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Canton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Canton 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 New Canton, Virginia
Property taxes in New Canton, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Canton is 0.55%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within New Canton set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Canton 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 New Canton's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23123 has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with New Canton provides valuable insights into the varying tax landscape across Buckingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Canton Tax Rate
0.55%
Average Buckingham County Tax Rate
0.55%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Canton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23123 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across New Canton, Virginia
In New Canton, 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 Buckingham 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 New Canton, 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 New Canton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $539 in the 23123 zip code.
Average New Canton Assessed Value
$98,650
Average Buckingham County Assessed Value
$107,100
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Canton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23123 | $25,540 | $60,775 | $98,650 | $142,050 | $203,470 |
Source: Ownwell
Property Tax Bills Across New Canton, Virginia
In New Canton, located in Buckingham County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $98,650. Homeowners can expect their tax bills to vary depending on several factors, including the assessed value of their property and the local property tax rate. The tax bill for properties in the 25th percentile is around $330, while those in the 75th percentile can expect to pay about $775. For homes in the 90th percentile, the tax bill can reach up to $1,116. These tax bills are determined by multiplying the assessed value of the property by the local tax rate. This rate is influenced by the county's budget requirements and the need to fund public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Buckingham County's rates can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average New Canton Tax Bill
$539
Average Buckingham County Tax Bill
$585
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across New Canton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23123 | $139 | $330 | $539 | $775 | $1,116 |
Source: Ownwell