Norton, West Virginia Property Taxes
The median property tax rate in Norton, WV is 0.40%, 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 Norton, the typical annual property tax bill reaches $148, far below the national median of $2,690. Property taxes in Norton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Norton'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 Norton 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
Norton, 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 Norton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norton 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 Norton, West Virginia
Property taxes in Norton, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norton is 0.40%, which is lower than the U.S. national median of 0.99%. Local government entities within Norton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norton 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 Norton's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26285 zip code has the highest median property tax rate of 0.40%, while the 26285 zip code also has the lowest median tax rate of 0.40%. Understanding how these areas compare with Norton provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norton Tax Rate
0.40%
Average Randolph County Tax Rate
0.40%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26285 | 0.16% | 0.40% | 0.40% | 0.41% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Norton, West Virginia
In Norton, 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 Randolph County Assessor's Office 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 Norton, 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 Norton 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 is 26285, with a median tax bill of $148.00, while the lowest median tax bill is also $148.00 in the same zip code.
Average Norton Assessed Value
$36,500
Average Randolph County Assessed Value
$82,600
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26285 | $7,600 | $24,200 | $36,500 | $54,300 | $101,700 |
Source: Ownwell
Property Tax Bills Across Norton, West Virginia
In Norton, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the Randolph County Assessor's Office. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the tax bill. For Norton, the median home price is $36,500, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $86, while the 75th percentile tax bill reaches $238. At the 90th percentile, homeowners might pay as much as $402. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Norton's property tax rates are relatively modest. However, even within Norton, the highest median tax bill is $148, demonstrating some variability depending on specific property assessments and local tax levies. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Norton Tax Bill
$148
Average Randolph County Tax Bill
$381
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Norton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26285 | $31 | $86 | $148 | $238 | $402 |
Source: Ownwell