Buckhannon, West Virginia Property Taxes
The median property tax rate in Buckhannon, WV is 0.39%, 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 Buckhannon at $51,800, the typical annual property tax bill amounts to $227, well below the national median of $2,690. Property taxes in Buckhannon are calculated based on the assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Buckhannon'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 Buckhannon or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buckhannon, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$202
Ownwell’s Buckhannon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buckhannon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buckhannon 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 Buckhannon, West Virginia
Property taxes in Buckhannon, 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 Buckhannon is 0.40%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Buckhannon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buckhannon 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. Understanding how Buckhannon's effective property tax rate compares to other regions in Upshur County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buckhannon Tax Rate
0.39%
Average Barbour County Tax Rate
0.39%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buckhannon, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26201 | 0.24% | 0.39% | 0.39% | 0.39% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Buckhannon, West Virginia
In Buckhannon, 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 Upshur 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. 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 Buckhannon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Buckhannon is $51,800, and the median tax bill is $227, which is significantly lower than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Buckhannon, West Virginia
Source: Ownwell
$16,350
$69,650
$122,950
Average Buckhannon Assessed Value
$51,800
Average Barbour County Assessed Value
$69,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buckhannon, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26201 | $9,480 | $28,000 | $51,800 | $111,700 | $171,520 |
Source: Ownwell
Property Tax Bills Across Buckhannon, West Virginia
In Buckhannon, located in Barbour County, WV, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate, or millage rate, is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Buckhannon can expect a range of tax bills. For example, the 25th percentile tax bill is $118, while the 75th percentile tax bill is $438. The 90th percentile tax bill can reach up to $689. These figures highlight the variability in tax bills based on property values and local assessments. The highest median tax bill in the area is $227, which is relatively modest compared to the national median property tax rate of 0.99%. This means that homeowners in Buckhannon generally experience lower property tax bills, providing some financial relief compared to other regions across the country.
Average Buckhannon Tax Bill
$227
Average Barbour County Tax Bill
$319
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Buckhannon, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26201 | $38 | $118 | $227 | $438 | $689 |
Source: Ownwell