Troy, West Virginia Property Taxes
The median property tax rate in Troy, WV is 0.70%, which is lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Troy at $50,250, the typical annual property tax bill is $353, significantly below the national median of $2,690. Property taxes in Troy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Troy'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 Troy 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
Troy, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$352
Ownwell’s Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, West Virginia
Property taxes in Troy, 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 Troy is 0.70%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26443 zip code has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Troy provides valuable insights into the varying tax landscape across Doddridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Troy Tax Rate
0.70%
Average Doddridge County Tax Rate
0.70%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26443 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Troy, West Virginia
In Troy, 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 Doddridge 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 Troy, 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 Troy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 26443, with a median tax bill of $353.
Average Troy Assessed Value
$50,250
Average Doddridge County Assessed Value
$63,900
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Troy, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26443 | $4,170 | $10,425 | $50,250 | $97,600 | $117,400 |
Source: Ownwell
Property Tax Bills Across Troy, West Virginia
In Troy, Doddridge County, WV, property tax bills are determined based on the assessed value of a home, which is derived from its market value. The local tax rate is applied to this assessed value to calculate the annual tax bill. For homeowners in Troy, the median home price is $50,250. This valuation plays a crucial role in determining the tax amount. Several factors contribute to the final property tax bill, including the property's location, size, and any applicable exemptions. For instance, the 25th percentile of tax bills in Troy is $75, while the 75th percentile reaches $686, and the 90th percentile goes up to $825. These variations highlight how individual property characteristics impact tax amounts. Compared to the national median property tax rate of 0.99%, Troy's property taxes can be relatively low, offering some financial relief to homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Troy Tax Bill
$353
Average Doddridge County Tax Bill
$427
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26443 | $33 | $75 | $353 | $686 | $825 |
Source: Ownwell