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 a median home value of $156,950 in Masontown, the typical annual property tax bill comes to $1,037, falling well below the national median of $2,690. Property taxes in Masontown are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Navigating Masontown's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you reside in Masontown or another part of Monongalia County, understanding the local property tax system is advantageous for 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
$1,004
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, play a crucial role in funding essential local services, including 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 areas compare with Masontown provides valuable insights into the varying tax landscape across Monongalia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Masontown Tax Rate
0.64%
Average Monongalia 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 | 0.49% | 0.61% | 0.64% | 0.64% | 0.64% |
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 Monongalia 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 Masontown, 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 26542 has the highest median tax bill at $1,037, which is notably above the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Masontown, West Virginia
Source: Ownwell
$18,150
$102,575
$187,000
Average Masontown Assessed Value
$156,950
Average Monongalia County Assessed Value
$146,600
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 | $17,240 | $90,550 | $156,950 | $250,625 | $479,140 |
Source: Ownwell
Property Tax Bills Across Masontown, West Virginia
Property tax bills in Masontown, Monongalia County, WV are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The assessed value typically reflects a percentage of the market value of the property, which is influenced by factors such as location, size, and condition of the home. For homeowners in Masontown, the median home price is $156,950. Property tax bills can vary significantly, with the 25th percentile tax bill at $512 and the 75th percentile at $1,631. For those at the higher end, the 90th percentile tax bill reaches $2,977. These variations can impact homeowners differently, depending on their property's assessed value and the local tax rate applied. Compared to the national median property tax rate of 0.99%, understanding these factors can help homeowners anticipate their annual expenses and plan accordingly.
Average Masontown Tax Bill
$1,037
Average Monongalia County Tax Bill
$1,138
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 | $184 | $512 | $1,037 | $1,631 | $2,977 |
Source: Ownwell