New Market, Shenandoah County, Virginia Property Taxes

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

Median New Market, VA effective property tax rate: 0.60%, 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: $199,100
Median annual New Market, VA tax bill: $1,192, $1,208 lower than the national median property tax bill of $2,400.

How are property taxes in Shenandoah County 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, Shenandoah County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.64%

Estimate Property Tax Bill

$1,329

$1,233

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 Shenandoah County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across New Market, Shenandoah County, Virginia

Local government entities set tax rates, which can vary widely within a state. 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.

In New Market, located in Shenandoah County, Virginia, the effective property tax rate reflects the county's budgetary needs and the total assessed property values. When compared to other cities in Virginia, New Market's property tax rate can provide insight into the relative affordability of owning property in this area. The median property tax rate in Virginia is generally lower than the national median, making it an attractive option for property owners. This difference highlights the potential for savings when choosing to invest in property in New Market. As property taxes directly impact the cost of homeownership, understanding these rates is crucial for making informed decisions.

Property Tax Rates Across New Market, Shenandoah County, Virginia

Source: Ownwell

0.64%

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

0.64%

Median Effective Shenandoah County Tax Rate

0.64%

Median Effective Virginia Tax Rate

0.90%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across New Market, Shenandoah County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
22844	0.64%	0.64%	0.64%	0.64%	0.64%

Source: Ownwell

Property Tax Assessment Values Across New Market, Shenandoah 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 Shenandoah 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 Shenandoah County, assessment notices are sent in the spring 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 $199,100, with tax bills ranging significantly across the county. Zip code 22844 has the highest median home price at $199,100.

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

Source: Ownwell

$190,000

$237,675

$285,350

Median New Market Market Value

$207,600

Median Shenandoah County Market Value

$229,400

Median Virginia Market Value

$323,500

Median United States Market Value

$235,294

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

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
22844	$90,100	$142,325	$207,600	$304,675	$419,480

Source: Ownwell

Property Tax Bills Across New Market, Shenandoah County, Virginia

In New Market, located in Shenandoah County, VA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the home's market value, which in New Market has a median of $199,100. Homeowners often find their tax bills vary significantly, with the 25th percentile paying $832 and the 75th percentile paying $1,729, reflecting differences in property values and assessments. The highest median tax bill in the area is $1,192, which is notably lower than the national median property tax bill of $2,400. For homeowners, these taxes can represent a significant annual expense, impacting their overall financial planning. Ownwell assists homeowners in reducing their property tax bills by identifying potential inaccuracies in assessments and filing appeals on their behalf. By leveraging expert knowledge and local insights, Ownwell ensures that homeowners pay only their fair share, potentially saving them hundreds of dollars annually.

Property Tax Bills Across New Market, Shenandoah County, Virginia

Source: Ownwell

$1,132

$1,479

$1,826

Median New Market Tax Bill

$1,329

Median Shenandoah County Tax Bill

$1,468

Median Virginia Tax Bill

$2,852

Median United States Tax Bill

$2,400

Property Tax Bills Across New Market, Shenandoah County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
22844	$577	$911	$1,329	$1,948	$2,674

Source: Ownwell