Princewick, West Virginia Property Taxes
The median property tax rate in Princewick, WV is 0.72%, aligning with the state median but lower than the national median of 0.99%. With a median home value of $28,400, the typical annual property tax bill in Princewick is $182, significantly below the national median of $2,690. Property taxes in Princewick are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Princewick'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 Princewick or another part of Raleigh County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princewick, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$204
Ownwell’s Princewick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princewick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princewick 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 Princewick, West Virginia
Property taxes in Princewick, West Virginia, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princewick is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Princewick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princewick 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 Princewick's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 25908 has the same median property tax rate of 0.72%, reflecting uniformity within the region. Understanding how these areas compare with Princewick provides valuable insights into the varying tax landscape across Raleigh County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Princewick Tax Rate
0.72%
Average Raleigh County Tax Rate
0.72%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Princewick, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25908 | 0.26% | 0.72% | 0.72% | 0.72% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Princewick, West Virginia
In Princewick, 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 Raleigh County Assessor 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 Princewick, 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 Princewick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Princewick is $182, with the highest and lowest median tax bills both found in the 25908 zip code.
Average Princewick Assessed Value
$28,400
Average Raleigh County Assessed Value
$52,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Princewick, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25908 | $4,880 | $11,800 | $28,400 | $55,100 | $81,560 |
Source: Ownwell
Property Tax Bills Across Princewick, West Virginia
In Princewick, Raleigh County, WV, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate, applied to this assessed value, determines the final tax bill. For example, with a median home price of $28,400, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $89, while those in the 75th percentile face bills closer to $413. At the 90th percentile, tax bills can reach up to $590. Several factors influence these amounts, including property location, local tax rates, and available exemptions. These variations can significantly impact homeowners, making it crucial to understand how assessments are conducted and to explore potential exemptions. Compared to the national median property tax rate of 0.99%, Princewick's tax rates offer a glimpse into the variability of property taxes, underscoring the importance of accurate assessments and proactive management.
Average Princewick Tax Bill
$182
Average Raleigh County Tax Bill
$419
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Princewick, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25908 | $40 | $89 | $182 | $413 | $590 |
Source: Ownwell