24127 Property Tax Rate

Property owners in ZIP code 24127 (New Castle, Virginia) pay a median of $939/year in property taxes on homes valued at $179,300. This translates to an effective tax rate of 0.52%, which is 22% below the Virginia state average of 0.67%.

The monthly property tax burden for a median-valued home in 24127 is approximately $78, which factors into escrow payments on mortgages. This ZIP code is located within Craig County. This is $1,304 less than the Virginia average of $2,243/year.

Compared to similar ZIP codes in Virginia, 24127 has higher property taxes. ZIP codes with similar effective rates include 22939 (0.52%) and 24243 (0.53%).

In New Castle, property taxes represent approximately 1.6% of the median household income of $59,115, providing context for the relative tax burden on homeowners in this area.

Virginia has no state property tax — Craig County sets all assessments locally and does not reassess at sale unless property characteristics change. Craig County provides Land Use Taxation for agricultural/forest property and circuit breaker relief for seniors 65+ and permanently disabled residents with limited income. File for relief programs with the Craig County Assessor within 30 days of purchase to lock in your assessment classification.