Thornton, West Virginia Property Taxes
The median property tax rate in Thornton, WV is 0.64%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Thornton, the typical annual property tax bill reaches $538, well below the national median of $2,690. Property taxes in Thornton are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Thornton'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 Thornton 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
Thornton, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$548
Ownwell’s Thornton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thornton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thornton 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 Thornton, West Virginia
Property taxes in Thornton, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thornton is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Thornton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thornton 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 Thornton's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26440 has both the highest and lowest median property tax rate in Preston County at 0.64%. Understanding how these cities compare with Thornton 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 Thornton 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 Thornton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26440 | 0.38% | 0.53% | 0.64% | 0.64% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Thornton, West Virginia
In Thornton, 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. In Thornton, 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 Thornton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 26440 in Preston County has the highest and lowest median tax bill, both at $538. With a median home price of $85,650, Thornton's property tax bills range significantly, with the 25th percentile at $309 and the 90th percentile reaching $1,256.
Average Thornton Assessed Value
$85,650
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 Thornton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26440 | $12,340 | $47,000 | $85,650 | $145,075 | $199,390 |
Source: Ownwell
Property Tax Bills Across Thornton, West Virginia
In Thornton, located in Preston County, WV, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Thornton is $85,650. Property taxes are determined by applying the local tax rate to the assessed value. Factors such as the home's location within the county, any exemptions for which the homeowner qualifies, and the specific tax rate set by local authorities all play crucial roles in the final tax bill. Homeowners in Thornton can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $309, while those at the 75th and 90th percentiles are $962 and $1,256, respectively. Comparatively, the highest and lowest median tax bills in the area are both $538, highlighting some consistency within certain zip codes. These property taxes directly impact homeowners by influencing their annual housing costs and potentially affecting their financial planning and budgeting.
Average Thornton Tax Bill
$538
Average Preston County Tax Bill
$473
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Thornton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26440 | $150 | $309 | $538 | $962 | $1,256 |
Source: Ownwell