Buckhannon, West Virginia Property Taxes
The median property tax rate in Buckhannon, WV is 0.53%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $113,050 in Buckhannon, the typical annual property tax bill amounts to $554, well below the national median of $2,690. Property taxes in Buckhannon are calculated based on the assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Buckhannon'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 Buckhannon or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buckhannon, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$599
Ownwell’s Buckhannon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buckhannon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buckhannon 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 Buckhannon, West Virginia
Property taxes in Buckhannon, 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 Buckhannon is 0.53%, which is lower than the U.S. national median of 0.99%. Local government entities within Buckhannon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buckhannon 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 Buckhannon's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 26201 has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these figures compare with Buckhannon provides valuable insights into the varying tax landscape across Upshur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buckhannon Tax Rate
0.53%
Average Lewis County Tax Rate
0.53%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buckhannon, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26201 | 0.35% | 0.41% | 0.53% | 0.53% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Buckhannon, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Buckhannon, 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 local appraisal district 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 Buckhannon, 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. The median home price in Buckhannon is $113,050, with tax bills ranging from the 25th percentile at $386 to the 90th percentile at $1,030. The highest and lowest median tax bills are both found in the 26201 zip code, each at $554. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Buckhannon, West Virginia
Source: Ownwell
$45,500
$79,275
$113,050
Average Buckhannon Assessed Value
$113,050
Average Lewis County Assessed Value
$72,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buckhannon, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26201 | $24,620 | $68,525 | $113,050 | $156,625 | $210,490 |
Source: Ownwell
Property Tax Bills Across Buckhannon, West Virginia
In Buckhannon, located in Lewis County, WV, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor and represents a percentage of the property's market value. Homeowners in this region face a median property tax bill of $554.00, which is significantly lower than the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the total tax bill. For example, the 25th percentile tax bill is $386, while the 75th percentile reaches $798, and the 90th percentile can go up to $1030. These variations highlight how individual property characteristics and local assessment practices impact the final tax amount. Homeowners in Buckhannon benefit from relatively lower property tax rates, making it a more affordable option compared to many other regions across the country.
Average Buckhannon Tax Bill
$554
Average Lewis County Tax Bill
$437
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Buckhannon, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26201 | $181 | $386 | $554 | $798 | $1,030 |
Source: Ownwell