New Kent, Virginia Property Taxes
The median property tax rate in New Kent, VA is 0.67%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in New Kent at $338,000, the typical annual property tax bill is $2,250, falling below the national median of $2,690. Property taxes in New Kent are calculated based on the tax assessed value, which often remains lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding New Kent'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 New Kent or another part of the county, grasping 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
0.67%
Estimate Property Tax Bill
$2,265
$2,101
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 vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Kent is 0.67%, 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 has both the highest and lowest median property tax rate of 0.67%. Understanding how these cities compare with New Kent provides valuable insights into the varying tax landscape across New Kent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Kent Tax Rate
0.67%
Average New Kent County Tax Rate
0.67%
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 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
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 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 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 highest and lowest median tax bills in New Kent are both $2,250, found in zip code 23124.
Average New Kent Assessed Value
$338,000
Average New Kent County Assessed Value
$332,400
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 | $246,140 | $287,600 | $338,000 | $398,100 | $495,520 |
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 local tax assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $338,000, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors influencing the tax bill include property improvements, market conditions, and neighborhood trends. In New Kent, the tax bill ranges significantly, with the 25th percentile at $1,903 and the 75th percentile reaching $2,652. The 90th percentile tax bill can go up to $3,294, reflecting higher-valued properties or those with substantial improvements. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in New Kent should be aware of these factors as they directly impact their annual financial obligations and the overall affordability of homeownership in the area.
Average New Kent Tax Bill
$2,250
Average New Kent County Tax Bill
$2,199
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 | $1,535 | $1,903 | $2,250 | $2,652 | $3,294 |
Source: Ownwell