Newport, Virginia Property Taxes
The median property tax rate in Newport, VA is 0.70%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $171,550 in Newport, the typical annual property tax bill is $1,201, significantly less than the national median of $2,690. Property taxes in Newport are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Newport's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're situated 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
0.7%
Estimate Property Tax Bill
$1,201
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 0.55%, significantly lower than both the Virginia state median of 0.80% and 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 counties in Virginia and the national median. For comparison, the highest median property tax rate in the region is 0.55%, while the lowest median tax rate is also 0.55%. Understanding how these cities compare with Newport provides valuable insights into the varying tax landscape across 51121, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newport Tax Rate
0.70%
Average Montgomery County Tax Rate
0.70%
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 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
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 local 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the highest median tax bill in Newport is $1,201 in the 24128 zip code. 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
$171,550
Average Montgomery County Assessed Value
$250,700
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 | $141,910 | $153,025 | $171,550 | $190,075 | $201,190 |
Source: Ownwell
Property Tax Bills Across Newport, Virginia
In Newport, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is influenced by various factors, including the property's market value, location, and any improvements made to the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Newport, the median home price is $171,550. Property tax bills in Newport vary, with the 25th percentile tax bill at $1,071 and the 75th percentile tax bill at $1,331. The highest median tax bill in the area is $1,201, found in the 24128 zip code. These figures are relatively moderate compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners in Newport anticipate their annual property tax obligations and plan their finances accordingly.
Average Newport Tax Bill
$1,201
Average Montgomery County Tax Bill
$1,751
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 | $993 | $1,071 | $1,201 | $1,331 | $1,408 |
Source: Ownwell