Newburg, West Virginia Property Taxes
The median property tax rate in Newburg, WV is 0.64%, notably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $52,500 in Newburg, the typical annual property tax bill amounts to $362, which is significantly below the national median of $2,690. Property taxes in Newburg are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Newburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Newburg or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newburg, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$336
Ownwell’s Newburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newburg to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Newburg, West Virginia
Property taxes in Newburg, West Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newburg is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Newburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newburg 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 Newburg's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26410 has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Newburg provides valuable insights into the varying tax landscape across Preston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newburg Tax Rate
0.64%
Average Preston County Tax Rate
0.64%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newburg, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26410 | 0.33% | 0.49% | 0.64% | 0.79% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Newburg, West Virginia
In Newburg, West Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Preston 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 Newburg, 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. The median home price in Newburg is $52,500, with tax bills ranging from $192 at the 25th percentile to $933 at the 90th percentile. The highest and lowest median tax bills are both $362 in the 26410 zip code. 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 Newburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newburg Assessed Value
$52,500
Average Preston County Assessed Value
$68,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newburg, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26410 | $6,830 | $22,575 | $52,500 | $97,050 | $143,970 |
Source: Ownwell
Property Tax Bills Across Newburg, West Virginia
In Newburg, Preston County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in Newburg is $52,500, which significantly influences the tax bill. Homeowners can expect to pay property taxes that fall within a range, with the 25th percentile tax bill being $192 and the 75th percentile tax bill reaching $644. At the higher end, the 90th percentile tax bill is $933, reflecting the variation in property values and assessments. Factors such as property size, location, and improvements can affect the assessed value, thereby impacting the tax bill. Understanding these factors is crucial for homeowners as they directly influence the amount owed. Compared to the national median property tax rate of 0.99%, Newburg offers a relatively affordable property tax environment. This can be a significant consideration for prospective homeowners looking to manage their annual expenses effectively.
Average Newburg Tax Bill
$362
Average Preston County Tax Bill
$473
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Newburg, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26410 | $93 | $192 | $362 | $644 | $933 |
Source: Ownwell