Prince, West Virginia Property Taxes
The median property tax rate in Prince, WV is 1.22%, considerably higher than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Prince, the typical annual property tax bill reaches $497, which is below the national median of $2,690. Property taxes in Prince are calculated based on the tax assessed value, typically lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Prince'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 Prince 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
Prince, 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 PRINCE Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in PRINCE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PRINCE to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. 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 Prince, West Virginia
Property taxes in Prince, West Virginia, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Prince is 0.57%, which is lower than both the West Virginia state median of 0.59% and the U.S. national median of 0.99%. Local government entities within Prince set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prince 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 Prince's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25907 zip code has the highest median property tax rate of 0.57%, while the same 25907 zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Prince provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prince Tax Rate
1.22%
Average Fayette County Tax Rate
0.77%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prince, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25907 | 0.96% | 1.06% | 1.22% | 1.38% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Prince, West Virginia
In PRINCE, 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. In PRINCE, 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 PRINCE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 25907 has both the highest and lowest median tax bill at $497.
Average Prince Assessed Value
$42,450
Average Fayette County Assessed Value
$52,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prince, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25907 | $37,370 | $39,275 | $42,450 | $45,625 | $47,530 |
Source: Ownwell
Property Tax Bills Across Prince, West Virginia
In PRINCE, Fayette County, WV, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. For homeowners in PRINCE, the median home price is $42,450. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property location, improvements, and market conditions can influence the assessed value. In PRINCE, the property tax rate is relatively low compared to the national median property tax rate of 0.99%. Homeowners in this area typically see tax bills ranging from $467 at the 25th percentile to $543 at the 90th percentile, with the highest median tax bill recorded at $497 in the 25907 zip code. These tax bills directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, ensuring the community remains well-supported and maintained.
Average Prince Tax Bill
$497
Average Fayette County Tax Bill
$424
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Prince, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25907 | $450 | $467 | $497 | $526 | $543 |
Source: Ownwell