New Kent, Hanover County, Virginia Property Taxes

Name: Property Tax Bills Across New Kent, Hanover County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median New Kent, VA effective property tax rate: 0.81%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median New Kent, VA home value: $295,350
Median annual New Kent, VA tax bill: $2,392, $8 lower than the national median property tax bill of $2,400.

How are property taxes in Hanover calculated?

Property taxes in New Kent, VA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding New Kent’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Kent, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

New Kent, Hanover County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.81%

Estimate Property Tax Bill

$2,392

$2,220

Ownwell’s New Kent Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in New Kent with just two data points. By entering your property's estimated assessed value, our calculator applies New Kent’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in New Kent County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across New Kent, Hanover County, Virginia

Local government entities set tax rates, which can vary widely within a state. This variability stems from each county's annual estimation of its required budget to provide services, which it divides by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is the annual process in a nutshell.

New Kent in Hanover County, Virginia, offers insight into this process. The effective property tax rate in New Kent is 0.81%, which is lower than the national median property tax rate of 1.02%. This means that homeowners in New Kent generally pay less in property taxes compared to the national average. Furthermore, the median property tax bill for New Kent residents is often lower than the national median of $2,400. This comparison highlights the potential savings for property owners in New Kent compared to other regions in Virginia and across the United States. Understanding these differences can help homeowners make informed decisions about their property investments.

Property Tax Rates Across New Kent, Hanover County, Virginia

Source: Ownwell

0.81%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective New Kent Tax Rate

0.81%

Median Effective Hanover County Tax Rate

0.81%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across New Kent, Hanover County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
23124	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across New Kent, Hanover County, Virginia

When examining property taxes in New Kent, VA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Hanover County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Hanover County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in New Kent. For example, the median home price in New Kent is $295,350, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across New Kent, Hanover County, Virginia

Source: Ownwell

$281,600

$339,700

$397,800

Median New Kent Market Value

$295,350

Median Hanover County Market Value

$334,500

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across New Kent, Hanover County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
23124	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across New Kent, Hanover County, Virginia

In New Kent, VA, property tax bills are determined based on the assessed value of a home, which is influenced by factors such as the property's location, size, and condition. The median home price in New Kent is $295,350, and property taxes are calculated by applying the local tax rate to this assessed value. For homeowners, this means that their tax bill can vary significantly depending on these factors. The 25th percentile tax bill is $1,830, while the 75th percentile is $2,955, and the 90th percentile reaches $3,292. Compared to the national median property tax bill of $2,400, New Kent's property tax bills can be relatively high, especially for homes assessed at higher values. Homeowners in New Kent can benefit from Ownwell's expertise in property tax appeals and exemptions. By leveraging local knowledge and experience, Ownwell helps homeowners identify potential savings and reduce their tax burden, ensuring they pay only their fair share. This can lead to significant savings, especially for those with higher assessed property values.

Property Tax Bills Across New Kent, Hanover County, Virginia

Source: Ownwell

$2,281

$2,758

$3,235

Median New Kent Tax Bill

$2,392

Median Hanover County Tax Bill

$2,727

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across New Kent, Hanover County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
23124	N/A	N/A	N/A	N/A	N/A

Source: Ownwell