New Canton, Buckingham County, Virginia Property Taxes
Median New Canton, VA effective property tax rate: 0.55%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%. Median New Canton, VA home value: $98,650. Median annual New Canton, VA tax bill: $539, $1,861 lower than the national median property tax bill of $2,400.
How are property taxes in Buckingham County calculated?
Property taxes in New Canton, 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 Canton’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Canton, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
New Canton, Buckingham County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.6%
Estimate Property Tax Bill
$599
$556
Property Tax Rates Across New Canton, Buckingham County, Virginia
Local government entities are responsible for setting tax rates, which can differ significantly within a state. Each year, counties like Buckingham estimate the budget needed to provide essential services. This budget is then divided by the total value of all taxable properties within the county, resulting in the property tax rate. Although voting and legislation play roles in determining tax rates and budgets, this process captures the essence of how property taxes are set annually.
In New Canton, located in Buckingham County, the effective property tax rate can be compared to other cities within Virginia. The median property tax rate in Virginia stands at 0.55%, which is notably lower than the national median property tax rate of 1.02%. This means that residents in New Canton and other parts of Virginia generally enjoy lower property tax bills compared to many other areas in the United States. Understanding these differences can help homeowners make informed decisions about property investments and financial planning.
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 Canton Tax Rate
0.60%
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 Buckingham County Tax Rate
0.60%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across New Canton, Buckingham County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23123 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across New Canton, Buckingham County, Virginia
When examining property taxes in New Canton, 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 Buckingham 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.
In Buckingham 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 Canton. For example, the median home price in New Canton is $98,650, with tax bills ranging significantly across the county. ZIP code 23123 has the highest median home price at $98,650.
Property Tax Assessment Values Across New Canton, Buckingham County, Virginia
Source: Ownwell
$91,650
$124,825
$158,000
Median New Canton Market Value
$99,900
Median Buckingham County Market Value
$108,300
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across New Canton, Buckingham County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23123 | $26,260 | $62,850 | $99,900 | $142,650 | $205,400 |
Source: Ownwell
Property Tax Bills Across New Canton, Buckingham County, Virginia
In New Canton, Buckingham County, VA, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to calculate the property tax bill. Homeowners in New Canton face a median property tax bill of $539, which is significantly lower than the national median of $2,400. The tax bill can vary, with the 25th percentile at $330 and the 90th percentile reaching $1,116, reflecting differences in property values and local tax rates. A property’s market value, location, and improvements can all influence the assessed value, impacting the overall tax bill.
Ownwell can assist homeowners in New Canton by providing professional property tax appeal services. By analyzing the property's assessed value and comparing it with market trends, Ownwell identifies opportunities to challenge overassessments, potentially lowering the tax burden. This service can lead to substantial savings for homeowners, ensuring they pay only their fair share in property taxes.
Median New Canton Tax Bill
$596
Median Buckingham County Tax Bill
$644
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across New Canton, Buckingham County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23123 | $157 | $374 | $596 | $854 | $1,226 |
Source: Ownwell