New Market, Virginia Property Taxes
The median property tax rate in New Market, VA is 0.68%, 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 Market at $242,300, the typical annual property tax bill is $1,467, which is well below the national median of $2,690. Property taxes in New Market are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Market'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 Market 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
New Market, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,648
Ownwell’s New Market Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Market with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Market 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 Market, Virginia
Property taxes in New Market, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Market is 0.68%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within New Market set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Market 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 Market's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22844 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with New Market provides valuable insights into the varying tax landscape across Rockingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Market Tax Rate
0.68%
Average Rockingham County Tax Rate
0.68%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Market, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22844 | 0.38% | 0.62% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across New Market, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in New Market, Virginia. 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 Rockingham 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 Market, 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 Market helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 22844, with a value of $1467.
Property Tax Assessment Values Across New Market, Virginia
Source: Ownwell
$144,500
$2,549,500
$4,954,500
Average New Market Assessed Value
$242,300
Average Rockingham County Assessed Value
$237,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Market, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22844 | $113,900 | $153,100 | $242,300 | $314,100 | $529,400 |
Source: Ownwell
Property Tax Bills Across New Market, Virginia
In New Market, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Rockingham County. The assessed value is determined by the county's property assessor and reflects the market value of the property. Homeowners in New Market typically see a range of property tax bills, with the 25th percentile at $981 and the 75th percentile at $2,064. For those at the higher end, the 90th percentile tax bill reaches up to $3,102. The local tax rate in New Market is influenced by various factors, including budgetary needs for public services such as schools, infrastructure, and emergency services. Comparatively, the median property tax bill in the area is $1,467, which is higher than the national median property tax rate of 0.99%. This means homeowners in New Market may pay more in property taxes relative to the national average, impacting their annual financial planning and overall cost of homeownership.
Average New Market Tax Bill
$1,467
Average Rockingham County Tax Bill
$1,584
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across New Market, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22844 | $354 | $981 | $1,467 | $2,064 | $3,102 |
Source: Ownwell