Masontown, West Virginia Property Taxes
The median property tax rate in Masontown, WV is 0.64%, which is notably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Masontown being $84,900, the typical annual property tax bill amounts to $551, significantly under the national median of $2,690. Property taxes in Masontown 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 Masontown'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 Masontown or another part of Preston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Masontown, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$543
Ownwell’s Masontown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Masontown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Masontown 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 Masontown, West Virginia
Property taxes in Masontown, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Masontown is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Masontown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Masontown 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 Masontown's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26542 has both the highest and lowest median property tax rate of 0.64%. Understanding how these cities compare with Masontown provides valuable insights into the varying tax landscape across Preston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Masontown Tax Rate
0.64%
Average Preston County Tax Rate
0.64%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Masontown, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26542 | 0.41% | 0.53% | 0.64% | 0.79% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Masontown, West Virginia
In Masontown, 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 Preston 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. 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 Masontown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Masontown is 26542, with a median tax bill of $551.
Average Masontown Assessed Value
$84,900
Average Preston County Assessed Value
$68,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Masontown, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26542 | $13,420 | $40,400 | $84,900 | $125,300 | $182,160 |
Source: Ownwell
Property Tax Bills Across Masontown, West Virginia
In Masontown, located in Preston County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically reflects a percentage of the property's market value. For example, with a median home price of $84,900, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $305 annually, while those in the 75th percentile might pay approximately $839. At the 90th percentile, tax bills can reach up to $1,234. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Masontown's rates reflect the regional economic conditions and property values. Understanding these factors can help homeowners anticipate their annual expenses and plan accordingly.
Average Masontown Tax Bill
$551
Average Preston County Tax Bill
$473
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Masontown, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26542 | $140 | $305 | $551 | $839 | $1,234 |
Source: Ownwell