A liquid dispensing valve assembly is provided with a vacuum release feature. The valve assembly is adapted to be fastened to a container opening. The assembly includes a unitarily formed one-piece cylindrical base having a vertical center axis. The base a mounting collar; an enclosure portion connected to the mounting collar forming an inner cavity within the base; a spout connected to the enclosure portion having an interconnected axial core substantially positioned within the spout forming an annular liquid passageway; and a gas passageway having at least one inlet orifice located on an outer surface of the spout, the gas passageway including at least one generally horizontally oriented radial pipe section having one end connected to the at least one inlet orifice and another end connecting to a vertically configured pipe section having an exit orifice. The valve assembly may further include a cap having a drain port, wherein the cap adapted to slip fit over the spout.