Newtown, Virginia Property Taxes
The median property tax rate in Newtown, 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 Newtown at $132,800, the typical annual property tax bill is $730, which is considerably less than the national median of $2,690. Property taxes in Newtown are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Newtown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Newtown or another part of King and Queen County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newtown, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$730
Ownwell’s Newtown Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Newtown, located in King and Queen County, VA. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Newtown to provide an accurate estimate of your property tax bill. This handy tool offers valuable insights into your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Newtown, Virginia
Property taxes in Newtown, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newtown is 0.55%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Newtown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newtown 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 Newtown's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23126 has the same median property tax rate of 0.55%. Understanding how these areas compare with Newtown provides valuable insights into the varying tax landscape across King and Queen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newtown Tax Rate
0.55%
Average King And Queen County Tax Rate
0.55%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newtown, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23126 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Newtown, Virginia
In Newtown, 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 King and Queen 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 Newtown, 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 Newtown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 23126 in Newtown has both the highest and lowest median tax bill at $730.
Average Newtown Assessed Value
$132,800
Average King And Queen County Assessed Value
$136,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newtown, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23126 | $62,260 | $86,200 | $132,800 | $190,200 | $284,880 |
Source: Ownwell
Property Tax Bills Across Newtown, Virginia
In Newtown, King and Queen County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Newtown can expect a median home price of $132,800, which significantly influences their tax bills. The tax rate in this area is applied to the assessed value to determine the annual property tax bill. For example, homeowners in the 25th percentile of tax bills pay around $474, while those in the 75th percentile pay approximately $1046. At the higher end, in the 90th percentile, tax bills can reach up to $1567. Interestingly, the highest and lowest median tax bills in the area are both $730, found in the 23126 zip code. Compared to the national median property tax rate of 0.99%, Newtown's property tax rates can vary significantly, impacting homeowners differently based on their property's assessed value.
Average Newtown Tax Bill
$730
Average King And Queen County Tax Bill
$749
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Newtown, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23126 | $342 | $474 | $730 | $1,046 | $1,567 |
Source: Ownwell