Newport News County, Virginia Property Taxes
The median property tax rate in Newport News is 1.16%, which is significantly higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Newport News, the typical annual property tax bill reaches $2,848, which is above the national median of $2,690. Property taxes in Newport News are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Newport News's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Newport News or another part of the county, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newport News County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$2,873
$2,666
Ownwell’s Newport News Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Newport News with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Newport News to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Newport News County, Virginia
Property taxes in Newport News play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Newport News is 1.16%, which is higher than the U.S. national median of 0.99%. Local government entities within Newport News set these rates annually, and they can vary significantly between different areas within the county. Each year, Newport News estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Newport News' effective property tax rate with the national median. For comparison, the city of Newport News itself has one of the higher property tax rates in Virginia at 1.16%. Analyzing how Newport News' tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Newport News County Tax Rate
1.16%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport News County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Newport News | 1.09% | 1.12% | 1.16% | 1.18% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Newport News County, Virginia
In Newport News, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Newport News Appraisal District. The assessed value, however, 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. Assessment notices in Newport News are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Newport News will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. Newport News has a median home price of $247,650, with tax bills ranging from $2,193 at the 25th percentile to $4,403 at the 90th percentile, and a median tax bill of $2,848.
Property Tax Assessment Values Across Newport News County, Virginia
Source: Ownwell
$129,500
$221,425
$313,350
Average Newport News County Assessed Value
$247,650
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newport News County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Newport News | $131,400 | $190,600 | $247,650 | $310,400 | $385,500 |
Source: Ownwell
Property Tax Bills Across Newport News County, Virginia
In Newport News, VA, property tax bills are calculated by applying the local tax rate to the assessed value of a home. The assessed value is determined by the local assessor's office and is meant to reflect the market value of the property. Homeowners in Newport News experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $2,193, while at the 75th percentile, it is $3,562. At the higher end, the 90th percentile tax bill reaches $4,403. These tax bills are influenced by various factors, including property size, location, and market conditions. The median home price in Newport News is $247,650, and with the national median property tax rate at 0.99%, homeowners in this area may find their tax bills relatively high or low depending on their property's assessed value. This variability can significantly impact homeowners' annual budgets, making it crucial to understand how these assessments and rates affect their financial planning.
Average Newport News County Tax Bill
$2,848
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport News County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Newport News | $1,502 | $2,193 | $2,848 | $3,562 | $4,403 |
Source: Ownwell