New Market, Rockingham County, Virginia Property Taxes

Name: Property Tax Bills Across New Market, Rockingham County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median New Market, VA effective property tax rate: 0.68%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median New Market, VA home value: $242,300
Median annual New Market, VA tax bill: $1,467, $933 lower than the national median property tax bill of $2,400.

How are property taxes in Rockingham calculated?

Property taxes in New Market, VA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding New Market’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Market, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

New Market, Rockingham County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.68%

Estimate Property Tax Bill

$1,648

$1,529

Ownwell’s NEW MARKET Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in NEW MARKET with just two data points. By entering your property's estimated assessed value, our calculator applies NEW MARKET’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Rockingham. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across New Market, Rockingham County, Virginia

Local government entities determine property tax rates, which can differ significantly within a state. This variation stems from the annual process where each county projects its necessary budget to fund services and divides this by the total assessed value of all taxable properties within its area. This process establishes the property tax rate. Although there are votes and regulations involved in setting these rates and budgets, this is the basic annual procedure. In New Market, located in Rockingham County, Virginia, the effective property tax rate is notably lower than the national median of 1.02%. This lower rate reflects the county's budgeting needs and the assessed value of properties within its jurisdiction. Compared to other cities in Virginia and the national median, New Market offers a more affordable property tax environment. This can make it an attractive option for property owners seeking to minimize their annual tax expenses while still enjoying the amenities and services provided by the local government.

Property Tax Rates Across New Market, Rockingham County, Virginia

Source: Ownwell

0.68%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective New Market Tax Rate

0.68%

Median Effective Rockingham County Tax Rate

0.68%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across New Market, Rockingham County, 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, Rockingham County, Virginia

When examining property taxes in NEW MARKET, VA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Rockingham County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In Rockingham County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in NEW MARKET. For example, the median home price in NEW MARKET is $242,300, with tax bills ranging significantly across the county. 22844 has the highest median home price at $242,300.

Property Tax Assessment Values Across New Market, Rockingham County, Virginia

Source: Ownwell

$144,500

$236,750

$329,000

Median New Market Market Value

$242,300

Median Rockingham County Market Value

$237,400

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across New Market, Rockingham County, 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, Rockingham County, Virginia

In New Market, property tax bills are determined by assessing the market value of a home and applying the local tax rate. With a median home price of $242,300, the tax bill can vary significantly. For example, the 25th percentile tax bill is $981, while the 75th percentile reaches $2,064, and the 90th percentile can soar to $3,102. These figures highlight the variability homeowners might experience, influenced by factors such as property size, location, and improvements. Compared to the national median property tax rate of 1.02%, New Market's tax bills can be more or less burdensome depending on individual circumstances. Homeowners may find these taxes impactful, especially when the tax bill approaches the national median of $2,400. Here, Ownwell steps in to assist homeowners in appealing their property tax assessments, potentially lowering their tax burden. By leveraging expert knowledge of local tax regulations and market trends, Ownwell can help homeowners save significantly on their property tax bills, ensuring they pay only their fair share.

Property Tax Bills Across New Market, Rockingham County, Virginia

Source: Ownwell

$859

$1,529

$2,198

Median New Market Tax Bill

$1,467

Median Rockingham County Tax Bill

$1,584

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across New Market, Rockingham County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
22844	$354	$981	$1,467	$2,064	$3,102

Source: Ownwell