Newport News, Virginia Property Taxes
The median property tax rate in Newport News, VA is 0.77%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Newport News at $157,700, the typical annual property tax bill amounts to $1,214, falling below the national median of $2,690. Property taxes in Newport News are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Newport News's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Newport News 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 News, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,214
$1,127
Ownwell’s Newport News Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newport News with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newport News 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 News, Virginia
Property taxes in Newport News, 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 News is 0.87%, slightly lower than the Virginia state median of 0.82% but still below the U.S. national median of 0.99%. Local government entities within Newport News set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport News 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 News's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23603 area has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these areas compare with Newport News provides valuable insights into the varying tax landscape across York County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newport News Tax Rate
0.77%
Average York County Tax Rate
0.77%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport News, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23603 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Newport News, Virginia
In Newport News, 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 assessor 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. 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 median home price in Newport News is $157,700, with tax bills ranging from $998 at the 25th percentile to $3,090 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 23603, with a median tax bill of $1,214. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newport News Assessed Value
$157,700
Average York County Assessed Value
$318,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newport News, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23603 | $102,440 | $129,600 | $157,700 | $294,700 | $401,340 |
Source: Ownwell
Property Tax Bills Across Newport News, Virginia
In Newport News, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is an estimate of the property's market value, determined by the local assessor's office. For homeowners in Newport News, the median home price stands at $157,700. Given the local tax rates, property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is around $998, while at the 75th percentile, it reaches approximately $2,269. At the 90th percentile, homeowners might see a tax bill as high as $3,090. The tax bill in the highest median tax bill zip code, 23603, is $1,214, which is notably above the national median property tax rate of 0.99%. These factors collectively impact the financial planning of homeowners, influencing their decisions on home purchases and budget allocations. Understanding these variables helps homeowners anticipate and manage their annual property tax obligations effectively.
Average Newport News Tax Bill
$1,214
Average York County Tax Bill
$2,452
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport News, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23603 | $789 | $998 | $1,214 | $2,269 | $3,090 |
Source: Ownwell