New Market, Shenandoah County, Virginia Property Taxes
Property Taxes in New Market, Virginia
Median New Market, Virginia effective property tax rate: 0.64%, 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: $207,600
Median annual New Market, Virginia tax bill: $1,329, lower than the national median property tax bill of $2,400.
How are property taxes in Shenandoah 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
New Market, Shenandoah County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.64%
Estimate Property Tax Bill
$1,329
$1,233
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 0.64% — based on actual property records in Shenandoah County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local assessment process 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 0.64% in 22844, primarily due to differences in school district levies and local assessment districts.
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, Shenandoah, Virginia
New Market’s median effective property tax rate of 0.64% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Shenandoah 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 the 22844 ZIP code carry a median effective rate of 0.64%, while those in the same ZIP code also pay 0.64%. This reflects how school district boundaries and local assessment districts are drawn across Shenandoah County. Understanding which part of New Market you live in 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 local 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, Shenandoah 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
0.64%
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 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, 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 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 December.
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. The median home price in New Market is $207,600, and the median tax bill is $1,329, compared with the national median property tax rate of 1.02% and national median property tax bill of $2,400. Zip code 22844 has the highest median home price at $207,600.
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
How are property tax bills calculated in New Market?
Property tax bills in New Market are based on the assessed value of a home and the local tax rate set by the county and other taxing authorities. For a home with a median value of $207,600, the bill is determined by multiplying the assessed value by the applicable rate, which helps fund local services such as schools and public infrastructure.
What factors affect the amount homeowners pay?
Homeowners pay more when their assessed value is higher, and they may pay less when the market value or assessment is lower. In New Market, the median property tax bill is $1,329, which is below the national median property tax bill of $2,400 and below the national median property tax rate of 1.02%. Bills can vary widely, with the 25th percentile at $911 and the 90th percentile at $2,674.
How does this affect homeowners?
These differences can have a meaningful impact on monthly housing costs and long-term affordability, especially when assessments rise faster than a homeowner expects.
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
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | January 23 |
Links | |
|---|---|
| Shenandoah Tax Assessor | |
| Website | www.actdatascout.com |