New Point, Virginia Property Taxes
The median property tax rate in NEW POINT, VA is 0.56%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in NEW POINT, the typical annual property tax bill reaches $1,005, significantly below the national median of $2,690. Property taxes in NEW POINT 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 POINT'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 POINT or another part of Mathews County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Point, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,005
$933
Ownwell’s NEW POINT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NEW POINT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NEW POINT 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 Point, Virginia
Property taxes in New Point, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Point is 0.56%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within New Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Point 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 Point's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23125 zip code has the highest median property tax rate of 0.56%, while the 23125 zip code has the lowest median tax rate of 0.56%. Understanding how these cities compare with New Point provides valuable insights into the varying tax landscape across Mathews County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Point Tax Rate
0.56%
Average Mathews County Tax Rate
0.56%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23125 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across New Point, Virginia
In New Point, 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 Mathews 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 New Point, 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. The median home price in New Point is $179,500, with the 25th percentile tax bill at $693 and the 75th percentile tax bill at $1,789. Notably, the highest and lowest median tax bills are both $1,005, found in the 23125 zip code. 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 New Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Point Assessed Value
$179,500
Average Mathews County Assessed Value
$237,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23125 | $63,610 | $123,800 | $179,500 | $319,525 | $618,840 |
Source: Ownwell
Property Tax Bills Across New Point, Virginia
In NEW POINT, located in Mathews County, VA, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in this area stands at $179,500. Homeowners in NEW POINT can expect their tax bills to vary significantly, ranging from the 25th percentile at $693 to the 90th percentile reaching up to $3,466. These variations are influenced by the assessed value of the property, which is periodically evaluated to reflect market conditions. Several factors contribute to the calculation of property taxes, including the property's size, location, and improvements. The local tax rate is applied to the assessed value to determine the final tax bill. This rate is critical as it directly impacts the financial obligations of homeowners. Compared to the national median property tax rate of 0.99%, homeowners in NEW POINT experience diverse tax bills that can significantly affect their annual expenses. Understanding these factors can help homeowners plan their finances more effectively.
Average New Point Tax Bill
$1,005
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across New Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23125 | $356 | $693 | $1,005 | $1,789 | $3,466 |
Source: Ownwell