Newport, Virginia Property Taxes
The median property tax rate in Newport, VA is 0.68%, 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 being $165,800, the typical annual property tax bill reaches $1,027, which is 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
0.68%
Estimate Property Tax Bill
$1,127
$1,046
Ownwell’s Newport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newport 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 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 0.68%, which is lower than 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 areas in Virginia and the national median. For comparison, the zip code 24128 has both the highest and lowest median property tax rate of 0.68%, indicating uniformity in this region. Understanding how these cities compare with Newport provides valuable insights into the varying tax landscape across Giles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newport Tax Rate
0.68%
Average Giles County Tax Rate
0.68%
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 | 0.44% | 0.68% | 0.68% | 0.68% | 0.68% |
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 Giles 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. For example, the median home price in Newport is $165,800, with tax bills ranging from $674 at the 25th percentile to $2,348 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 24128, with a median tax bill of $1,027. 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 in Newport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newport Assessed Value
$165,800
Average Giles County Assessed Value
$99,900
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 | $65,940 | $108,950 | $165,800 | $256,400 | $391,400 |
Source: Ownwell
Property Tax Bills Across Newport, Virginia
In Newport, VA, located in Giles County, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Newport is $165,800. To calculate the property tax bill, the assessed value is multiplied by the local property tax rate. This rate is set by local government authorities and can vary from year to year. Several factors influence the final tax bill, including property improvements, neighborhood changes, and market conditions. Homeowners in Newport can expect their property tax bills to range widely, with the 25th percentile at $674 and the 75th percentile at $1529. For those at the 90th percentile, the tax bill can reach up to $2348. Comparatively, the national median property tax rate is 0.99%, making Newport's property taxes relatively moderate. These taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Newport Tax Bill
$1,027
Average Giles County Tax Bill
$654
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 | $375 | $674 | $1,027 | $1,529 | $2,348 |
Source: Ownwell