Petersburg, West Virginia Property Taxes
The median property tax rate in Petersburg, WV is 0.48%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Petersburg at $79,950, the typical annual property tax bill is $416, far below the national median of $2,690. Property taxes in Petersburg are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Petersburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Petersburg or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Petersburg, West Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,440
Ownwell’s Petersburg Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Petersburg. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Petersburg to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more granular insights, you can explore neighborhood-level trends by scrolling down. Your property's assessed value, determined by the county, is crucial for these calculations and includes any applicable exemptions.
Property Tax Rates Across Petersburg, West Virginia
Property taxes in Petersburg, West Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Petersburg is 0.48%, significantly lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Petersburg set these rates annually, and they can vary across different neighborhoods. Each year, Petersburg estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Petersburg's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26847 zip code has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Petersburg provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petersburg Tax Rate
0.48%
Average Grant County Tax Rate
0.48%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petersburg, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26847 | 0.31% | 0.48% | 0.48% | 0.69% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Petersburg, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Petersburg, WV. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the county appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Petersburg, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Petersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Petersburg is $79,950, with the tax bill ranging from $230 at the 25th percentile to $987 at the 90th percentile. Notably, the zip code 26847 has the highest and lowest median tax bill, both at $416.
Property Tax Assessment Values Across Petersburg, West Virginia
Source: Ownwell
$32,100
$90,850
$149,600
Average Petersburg Assessed Value
$79,950
Average Grant County Assessed Value
$73,700
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petersburg, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26847 | $21,310 | $46,500 | $79,950 | $118,450 | $164,490 |
Source: Ownwell
Property Tax Bills Across Petersburg, West Virginia
In Petersburg, located in Grant County, WV, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. This value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $79,950, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $230, while at the 75th percentile, it rises to approximately $668. The 90th percentile sees tax bills nearing $987. Several factors influence these calculations, including the property's location, size, and any applicable exemptions. The highest and lowest median tax bills in the area are both $416, situated in the 26847 zip code. Compared to the national median property tax rate of 0.99%, Petersburg's rates can significantly impact homeowners, affecting their annual budgeting and overall cost of living.
Average Petersburg Tax Bill
$416
Average Grant County Tax Bill
$353
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Petersburg, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26847 | $118 | $230 | $416 | $668 | $987 |
Source: Ownwell