New Castle, Craig County, Virginia Property Taxes
Median NEW CASTLE, VA effective property tax rate: 0.63%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median NEW CASTLE, VA home value: $104,900
Median annual NEW CASTLE, VA tax bill: $647, $1,753 lower than the national median property tax bill of $2,400.
How are property taxes in Craig calculated?
Property taxes in NEW CASTLE, 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 CASTLE’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in NEW CASTLE, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
New Castle, Craig County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.52%
Estimate Property Tax Bill
$736
$683
Property Tax Rates Across New Castle, Craig County, Virginia
Local government entities set property tax rates, and these rates can differ significantly within a state. The process involves each county estimating its required budget to deliver services and dividing that by the total value of all taxable property in its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is essentially how the annual process works.
In New Castle, located in Craig County, Virginia, the effective property tax rate is 0.63%. This rate is consistent across the county, as both the highest and lowest median tax rates are also 0.63%, specifically in the 24127 zip code. This rate is notably lower than the national median property tax rate of 1.02%.
Comparing New Castle's rate to the national median highlights a significant difference, offering potential savings for property owners in the area. Understanding these differences can be crucial for homeowners looking to manage their property tax obligations effectively.
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 Castle Tax Rate
0.52%
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 Craig County Tax Rate
0.52%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across New Castle, Craig County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24127 | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across New Castle, Craig County, Virginia
When examining property taxes in NEW CASTLE, 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 Craig 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: Craig County sends assessment notices 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 CASTLE. For example, the median home price in NEW CASTLE is $104,900, with tax bills ranging significantly across the county. ZIP code 24127 has the highest median home price at $104,900.
Property Tax Assessment Values Across New Castle, Craig County, Virginia
Source: Ownwell
$141,600
$156,500
$171,400
Median New Castle Market Value
$141,600
Median Craig County Market Value
$143,750
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across New Castle, Craig County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24127 | $34,000 | $77,400 | $141,600 | $222,900 | $322,200 |
Source: Ownwell
Property Tax Bills Across New Castle, Craig County, Virginia
Median New Castle Tax Bill
$736
Median Craig County Tax Bill
$748
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across New Castle, Craig County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24127 | $177 | $402 | $736 | $1,159 | $1,675 |
Source: Ownwell