Princeton, West Virginia Property Taxes
The median property tax rate in Princeton, WV is 0.68%, 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 Princeton at $76,000, the typical annual property tax bill is approximately $550, significantly below the national median of $2,690. Property taxes in Princeton are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Princeton'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 Princeton or another part of Mercer County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princeton, 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 Princeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeton 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 Princeton, West Virginia
Property taxes in Princeton, 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 Princeton 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 Princeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton 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 Princeton's effective property tax rate to other areas in Mercer County and the national median. For comparison, the 24701 zip code has the highest median property tax rate of 1.02%, while the 24740 zip code has the lowest median tax rate of 0.68%. Understanding how these areas compare with Princeton 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 Princeton 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 Princeton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24701 | 0.68% | 0.68% | 1.02% | 1.36% | 1.36% |
| 24739 | N/A | N/A | N/A | N/A | N/A |
| 24740 | 0.39% | 0.55% | 0.68% | 0.83% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Princeton, West Virginia. 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 Princeton, 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 Princeton is $76,000, with tax bills ranging from $267 at the 25th percentile to $1,353 at the 90th percentile. The highest median tax bill is $778 in the 24701 zip code, while the lowest is $571 in the 24740 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Princeton Assessed Value
$76,000
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 Princeton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24701 | $32,130 | $56,475 | $74,500 | $80,675 | $83,690 |
| 24739 | N/A | N/A | N/A | N/A | N/A |
| 24740 | $11,800 | $40,300 | $73,900 | $115,900 | $176,260 |
Source: Ownwell
Property Tax Bills Across Princeton, West Virginia
In Princeton, Mercer County, WV, property tax bills are calculated based on the assessed value of a home and the local tax rate. With a median home price of $76,000, homeowners in Princeton typically see a range of tax bills. The assessed value is determined by the county assessor and reflects a percentage of the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, tax bills in Princeton range from the 25th percentile at $267 to the 90th percentile at $1,353, highlighting the variability depending on property value and specific assessments. The highest median tax bill within the region is $778 in the 24701 zip code, while the lowest is $571 in the 24740 zip code. These factors collectively impact homeowners by influencing their annual financial obligations, with property taxes supporting local services such as schools, infrastructure, and public safety. Compared to the national median property tax rate of 0.99%, Princeton's tax rates offer a relatively affordable option for homeowners.
Average Princeton Tax Bill
$550
Average Mercer County Tax Bill
$442
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24701 | $219 | $385 | $778 | $1,101 | $1,142 |
| 24739 | N/A | N/A | N/A | N/A | N/A |
| 24740 | $111 | $291 | $571 | $923 | $1,306 |
Source: Ownwell