Tunnelton, West Virginia Property Taxes
The median property tax rate in Tunnelton, WV is 0.64%, which is significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $61,000 in Tunnelton, the typical annual property tax bill is around $389, far below the national median of $2,690. Property taxes in Tunnelton are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Tunnelton'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 Tunnelton or another part of Preston County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tunnelton, 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 Tunnelton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Tunnelton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tunnelton to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available as you scroll down. Your property’s assessed value is determined by Preston County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Tunnelton, West Virginia
Property taxes in Tunnelton, 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 Tunnelton is 0.64%, lower than both the West Virginia state median of 0.59% and the U.S. national median of 0.99%. Local government entities within Tunnelton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tunnelton 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 Tunnelton's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26444 zip code has both the highest and lowest median property tax rate of 0.64%. Understanding how these cities compare with Tunnelton 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 Tunnelton 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 Tunnelton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26444 | 0.31% | 0.46% | 0.64% | 0.64% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Tunnelton, West Virginia
In Tunnelton, 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 Tunnelton, 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 Tunnelton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 26444 has both the highest and lowest median tax bill at $389, reflecting localized property values.
Average Tunnelton Assessed Value
$61,000
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 Tunnelton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26444 | $2,360 | $25,700 | $61,000 | $101,600 | $139,440 |
Source: Ownwell
Property Tax Bills Across Tunnelton, West Virginia
In Tunnelton, Preston County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Homeowners then apply the local tax rate to this assessed value to determine their tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Tunnelton, the median home price is $61,000, which plays a crucial role in determining the tax bill. The tax bill can vary significantly, with the 25th percentile at $195 and the 75th percentile reaching $641. At the 90th percentile, the tax bill can be as high as $946. These figures highlight the range of property tax burdens faced by residents. Compared to the national median property tax rate of 0.99%, Tunnelton's tax bills can be relatively moderate, offering some relief to homeowners in this region.
Average Tunnelton Tax Bill
$389
Average Preston County Tax Bill
$473
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Tunnelton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26444 | $95 | $195 | $389 | $641 | $946 |
Source: Ownwell