New Martinsville, West Virginia Property Taxes
The median property tax rate in New Martinsville, WV is 0.60%, which is notably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $111,000 in New Martinsville, the typical annual property tax bill amounts to $671, significantly below the national median of $2,690. Property taxes in New Martinsville are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of New Martinsville's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of New Martinsville or another part of Marshall County, comprehending the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
New Martinsville, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$666
Ownwell’s New Martinsville Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in New Martinsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Martinsville 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 New Martinsville, West Virginia
Property taxes in New Martinsville, West Virginia, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in New Martinsville is 0.60%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within New Martinsville set these rates annually, and they can vary across different neighborhoods. Each year, New Martinsville 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 New Martinsville's effective property tax rate to other counties in West Virginia and the national median. For comparison, the highest and lowest median property tax rates in the area are both 0.60% in the zip code 26155. Understanding how these figures compare with New Martinsville provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Martinsville Tax Rate
0.60%
Average Marshall County Tax Rate
0.60%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Martinsville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26155 | 0.60% | 0.60% | 0.60% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across New Martinsville, West Virginia
In New Martinsville, 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 Marshall 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 New Martinsville, 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. For instance, the median home price in New Martinsville is $111,000, with tax bills ranging from the 25th percentile at $455 to the 75th percentile at $1053, and the 90th percentile reaching $1422. 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 New Martinsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across New Martinsville, West Virginia
Source: Ownwell
$46,300
$83,100
$119,900
Average New Martinsville Assessed Value
$111,000
Average Marshall County Assessed Value
$76,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Martinsville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26155 | $63,110 | $75,125 | $111,000 | $174,075 | $235,050 |
Source: Ownwell
Property Tax Bills Across New Martinsville, West Virginia
Property tax bills in New Martinsville, WV, are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value. For example, if a home is valued at $111,000, the assessed value might be a fraction of this amount, as determined by local regulations. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property location, property type, and any applicable exemptions or deductions. In New Martinsville, the median property tax bill is $671, which is significantly lower than the national median property tax rate of 0.99%. Homeowners in the 25th percentile pay around $455, while those in the 75th percentile see bills around $1053. For those in the 90th percentile, the tax bill can reach up to $1422. These property taxes fund essential local services like schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average New Martinsville Tax Bill
$671
Average Marshall County Tax Bill
$513
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across New Martinsville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26155 | $383 | $455 | $671 | $1,053 | $1,422 |
Source: Ownwell