Thornton, West Virginia Property Taxes
The median property tax rate in Thornton, 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 Thornton at $90,500, the typical annual property tax bill amounts to $308, well below the national median of $2,690. Property taxes in Thornton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Thornton'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 Thornton 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
Thornton, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$353
Ownwell’s Thornton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Thornton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thornton to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Thornton, West Virginia
Property taxes in Thornton, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thornton is 0.39%, significantly lower than both the West Virginia state median of 0.57% and the U.S. national median of 0.99%. Local government entities within Thornton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thornton 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 Thornton's effective property tax rate to other counties in West Virginia and the national median. For comparison, the highest median property tax rate in the region is 0.57%, while the lowest median tax rate is 0.38%. Understanding how these cities compare with Thornton provides valuable insights into the varying tax landscape across Barbour County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thornton 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 Thornton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26440 | 0.23% | 0.32% | 0.39% | 0.39% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Thornton, West Virginia
In Thornton, 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 local 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. Assessment notices in Thornton 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 Thornton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $308.00 in zip code 26440, while the lowest is also $308.00 in the same zip code.
Average Thornton Assessed Value
$90,500
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 Thornton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26440 | $6,150 | $56,575 | $90,500 | $137,625 | $240,280 |
Source: Ownwell
Property Tax Bills Across Thornton, West Virginia
Property tax bills in Thornton, Barbour County, WV, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. Homeowners in Thornton can expect their property tax bills to vary significantly depending on the value of their homes and the specific tax rate applied. For instance, the median home price in Thornton is $90,500. The tax bill at the 25th percentile is $199, while at the 75th percentile, it rises to $520. At the 90th percentile, homeowners might see tax bills as high as $947. These figures illustrate the range of property tax obligations homeowners face, influenced by property value and local tax rates. Compared to the national median property tax rate of 0.99%, Thornton's property taxes can be relatively modest, offering some financial relief to homeowners. However, understanding these factors is crucial for budgeting and financial planning.
Average Thornton Tax Bill
$308
Average Barbour County Tax Bill
$319
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Thornton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26440 | $102 | $199 | $308 | $520 | $947 |
Source: Ownwell