Peterstown, West Virginia Property Taxes
The median property tax rate in Peterstown, WV is 0.41%, 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 Peterstown at $100,900, the typical annual property tax bill is $386, well below the national median of $2,690. Property taxes in Peterstown 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 Peterstown'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 Peterstown or another part of Summers County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Peterstown, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$414
Ownwell’s Peterstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peterstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peterstown 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 Peterstown, West Virginia
Property taxes in Peterstown, 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 Peterstown is 0.41%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Peterstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peterstown 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 Peterstown's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 24963 has both the highest and lowest median property tax rate of 0.41%. Understanding how these cities compare with Peterstown provides valuable insights into the varying tax landscape across Summers County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Peterstown Tax Rate
0.41%
Average Summers County Tax Rate
0.41%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peterstown, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24963 | 0.30% | 0.34% | 0.41% | 0.41% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Peterstown, West Virginia
In Peterstown, 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 Summers 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 Peterstown, 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 Peterstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code with the highest median tax bill is 24963, with a tax bill of $386.00, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across Peterstown, West Virginia
Source: Ownwell
$53,200
$106,050
$158,900
Average Peterstown Assessed Value
$100,900
Average Summers County Assessed Value
$66,000
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Peterstown, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24963 | $19,450 | $51,750 | $100,900 | $137,800 | $235,850 |
Source: Ownwell
Property Tax Bills Across Peterstown, West Virginia
In Peterstown, located in Summers County, WV, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in the area is $100,900. To determine the tax bill, local authorities apply the county's property tax rate to the assessed value of the property. Factors such as property size, location, and any applicable exemptions are considered in the assessment. Homeowners in Peterstown experience varying tax bills. For instance, those at the 25th percentile pay around $279, while those at the 75th percentile see bills closer to $695. At the 90th percentile, the tax bill rises to approximately $941. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Peterstown's rates are relatively modest, providing some financial relief to homeowners. However, it's essential for property owners to stay informed and ensure their assessments accurately reflect their property's value to avoid overpaying.
Average Peterstown Tax Bill
$386
Average Summers County Tax Bill
$304
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Peterstown, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24963 | $163 | $279 | $386 | $695 | $941 |
Source: Ownwell