Montcalm, West Virginia Property Taxes
The median property tax rate in Montcalm, WV is 0.68%, lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Montcalm at $24,700, the typical annual property tax bill is $164, significantly below the national median of $2,690. Property taxes in Montcalm 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 Montcalm'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 Montcalm 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
Montcalm, 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 Montcalm Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montcalm with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montcalm 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 Montcalm, West Virginia
Property taxes in Montcalm, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montcalm is 0.68%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Montcalm set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montcalm 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 Montcalm's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 24737 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Montcalm provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montcalm Tax Rate
0.68%
Average Mercer County Tax Rate
0.68%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montcalm, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24737 | 0.19% | 0.68% | 0.68% | 0.68% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Montcalm, West Virginia
In Montcalm, 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 Mercer 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 Montcalm, 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 Montcalm helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $164 in the 24737 zip code, while the lowest median tax bill is also $164 in the same zip code.
Average Montcalm Assessed Value
$24,700
Average Mercer County Assessed Value
$60,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montcalm, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24737 | $6,130 | $15,925 | $24,700 | $43,525 | $66,300 |
Source: Ownwell
Property Tax Bills Across Montcalm, West Virginia
In Montcalm, Mercer County, WV, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Montcalm, the median home price is $24,700, which translates to varying tax bills depending on specific circumstances. For instance, the 25th percentile tax bill is $89, while the 75th percentile tax bill is $316. At the 90th percentile, homeowners might see a tax bill as high as $454. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. Given the national median property tax rate of 0.99%, Montcalm's tax bills are relatively low, offering some financial relief to homeowners while still contributing to essential community services.
Average Montcalm Tax Bill
$164
Average Mercer County Tax Bill
$442
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Montcalm, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24737 | $40 | $89 | $164 | $316 | $454 |
Source: Ownwell