New Castle, Virginia Property Taxes
The median property tax rate in New Castle, VA is 0.63%, 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 Castle at $104,900, the typical annual property tax bill amounts to $647, which is well below the national median of $2,690. Property taxes in New Castle 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 Castle'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 Castle 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
New Castle, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$661
$613
Ownwell’s New Castle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Castle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Castle 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 Castle, Virginia
Property taxes in New Castle, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Castle is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within New Castle set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Castle 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 Castle's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24127 has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with New Castle 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 New Castle 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 New Castle, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24127 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across New Castle, Virginia
In New Castle, 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 Assessor 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 Castle, 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 Castle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24127 has the highest and lowest median tax bill at $647.
Average New Castle Assessed Value
$104,900
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 New Castle, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24127 | $26,310 | $58,875 | $104,900 | $164,075 | $230,480 |
Source: Ownwell
Property Tax Bills Across New Castle, Virginia
In New Castle, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in New Castle is $104,900. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and condition influence the assessed value. Homeowners in New Castle can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $346 and the 75th percentile at $1,025. The 90th percentile reaches $1,442, indicating that higher-value properties incur higher taxes. The highest and lowest median tax bills in Craig County are both recorded at $647, reflecting a uniformity in assessments within the zip code 24127. Compared to the national median property tax rate of 0.99%, New Castle's rates provide a range that affects homeowners differently based on their property's assessed value. This variability emphasizes the importance of accurate property assessments in determining fair tax obligations.
Average New Castle Tax Bill
$647
Average Craig County Tax Bill
$663
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across New Castle, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24127 | $158 | $346 | $647 | $1,025 | $1,442 |
Source: Ownwell