Property Taxes in New Market, Virginia
Median New Market, Virginia effective property tax rate: 0.68%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median New Market, Virginia home value: $217,800
Median annual New Market, Virginia tax bill: $1,477, lower than the national median property tax bill of $2,400.
How are property taxes in Rockingham calculated?
Property taxes in New Market, Virginia 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 April 13, 2026
How Does the New Market Property Tax Calculator Work?
Use this New Market property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies New Market's median effective tax rate of 0.68% — based on actual property records in Rockingham County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local assessment system uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies New Market's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within New Market: rates are the same across the area, with both the highest and lowest median property tax bill at $1,477 in 22844.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across New Market.
About New Market Property Taxes
About Property Taxes in New Market, Rockingham, Virginia
New Market’s median effective property tax rate of 0.68% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Rockingham County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across New Market. Homeowners in ZIP code 22844 carry a median effective rate of 0.68%, while those in the same ZIP code also pay 0.68%. This shows how local assessment patterns can still shape what homeowners owe across Rockingham County. Understanding where your home is located can make a meaningful difference to your annual tax bill.
New Market homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the June 1, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across New Market, Rockingham County, Virginia
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare New Market's effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
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%
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 Rockingham County Tax Rate
0.68%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.27%
Property Tax Rates Across New Market, Rockingham County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22844 | 0.68% | 0.68% | 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, Virginia, 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 assessment office 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 March each year. They'll typically reach your mailbox by the middle of March.
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 $217,800, with tax bills ranging significantly across the county. Zip code 22844 has the highest median home price at $217,800.
Property Tax Assessment Values Across New Market, Rockingham County, Virginia
Source: Ownwell
$116,500
$2,015,250
$3,914,000
Median New Market Market Value
$217,800
Median Rockingham County Market Value
$236,200
Median Virginia Market Value
$323,500
Median United States Market Value
$274,101
Property Tax Assessment Values Across New Market, Rockingham County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22844 | $103,864 | $147,000 | $217,800 | $305,000 | $459,440 |
Source: Ownwell
Property Tax Bills Across New Market, Rockingham County, Virginia
Property tax bills in New Market are based on the assessed value of a home and the local tax rate set for Rockingham County. When a property’s market value changes, the assessed value can change too, which can raise or lower the bill. For a home around the $217,800 median price, the tax bill depends on how that value is assessed and the rate applied to it.
Homeowners in New Market may see bills that vary widely depending on property characteristics and neighborhood trends. The 25th percentile tax bill is $997, while the 75th percentile is $2,074 and the 90th percentile is $3,146. The median tax bill in the area is $1,477, which is below the national median property tax bill of $2,400 and also below the national median property tax rate of 1.02%.
Because taxes are tied to assessed value, even small changes in valuation can affect what homeowners owe each year.
Median New Market Tax Bill
$1,477
Median Rockingham County Tax Bill
$1,605
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$3,209
Property Tax Bills Across New Market, Rockingham County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22844 | $448 | $997 | $1,477 | $2,074 | $3,146 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 1 |
Links | |
|---|---|
| Rockingham Tax Assessor | |
| Website | rockinghamcountyva.munisselfservice.com |