New Kent, Virginia Property Taxes
The median property tax rate in New Kent, VA is 0.81%, which is lower than both the national median of 0.99% and Virginia's state median of 0.89%. With a median home value of $295,350 in New Kent, the typical annual property tax bill amounts to $2,392, falling below the national median of $2,690. Property taxes in New Kent 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 New Kent'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 Kent 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 Kent, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$2,392
Ownwell’s New Kent Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Kent with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Kent 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 Kent, Virginia
Property taxes in New Kent, Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in New Kent is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within New Kent set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Kent 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 Kent's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23124 in New Kent has both the highest and lowest median property tax rate of 0.81%. Understanding how these areas compare with New Kent provides valuable insights into the varying tax landscape across Hanover County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Kent Tax Rate
0.81%
Average Hanover County Tax Rate
0.81%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Kent, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23124 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across New Kent, Virginia
In New Kent, 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 local appraisal authority 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 Kent, 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 Kent helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 23124, with a median tax bill of $2,392.
Average New Kent Assessed Value
$295,350
Average Hanover County Assessed Value
$334,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Kent, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23124 | $184,270 | $225,925 | $295,350 | $364,775 | $406,430 |
Source: Ownwell
Property Tax Bills Across New Kent, Virginia
In New Kent, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $295,350, homeowners can expect varying tax bills. The 25th percentile tax bill is around $1,830, while the 75th percentile tax bill reaches approximately $2,955, and the 90th percentile tax bill goes up to $3,292. These figures illustrate how property taxes can significantly impact a homeowner's annual expenses. Factors such as property size, location, and improvements can influence the assessed value. Compared to the national median property tax rate of 0.99%, New Kent's property tax rates offer a diverse range, reflecting the unique characteristics and values of properties within the area. Understanding these factors helps homeowners anticipate their tax liabilities and manage their finances effectively.
Average New Kent Tax Bill
$2,392
Average Hanover County Tax Bill
$2,727
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across New Kent, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23124 | $1,493 | $1,830 | $2,392 | $2,955 | $3,292 |
Source: Ownwell