Morgantown, West Virginia Property Taxes
The median property tax rate in Morgantown, WV is 0.64%, which is notably lower than the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Morgantown at $155,800, the typical annual property tax bill is $1,236, significantly below the national median of $2,690. Property taxes in Morgantown 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 Morgantown'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 Morgantown or another part of Monongalia County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morgantown, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$997
Ownwell’s Morgantown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morgantown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morgantown 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 Morgantown, West Virginia
Property taxes in Morgantown, 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 Morgantown is 0.64%, lower than the U.S. national median of 0.99%. Local government entities within Morgantown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morgantown 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 Morgantown's effective property tax rate to other areas in Monongalia County and the national median. For comparison, the 26505 zip code has the highest median property tax rate of 0.79%, while the 26506 zip code has the lowest median tax rate of 0.47%. Understanding how these areas compare with Morgantown 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 Morgantown 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 Morgantown, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26501 | 0.52% | 0.64% | 0.79% | 0.79% | 1.58% |
| 26505 | 0.62% | 0.64% | 0.79% | 1.28% | 1.58% |
| 26506 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
| 26508 | 0.51% | 0.64% | 0.64% | 0.64% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Morgantown, West Virginia
In Morgantown, 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 Morgantown, 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 Morgantown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Morgantown is $1,406 in zip code 26505, while the lowest median tax bill is $574 in zip code 26506.
Property Tax Assessment Values Across Morgantown, West Virginia
Source: Ownwell
$18,150
$102,575
$187,000
Average Morgantown Assessed Value
$155,800
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 Morgantown, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26501 | $31,700 | $77,400 | $121,000 | $179,600 | $254,820 |
| 26505 | $66,700 | $116,200 | $157,600 | $210,600 | $283,920 |
| 26506 | $122,700 | $122,700 | $122,700 | $122,700 | $122,700 |
| 26508 | $30,040 | $107,200 | $183,600 | $288,700 | $440,700 |
Source: Ownwell
Property Tax Bills Across Morgantown, West Virginia
In Morgantown, Monongalia County, WV, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate, also known as the mill rate, is applied to calculate the annual tax bill. For homeowners in Morgantown, the property tax bill can vary significantly. The tax bill at the 25th percentile is around $748, while at the 75th percentile, it reaches approximately $1,889. At the 90th percentile, homeowners might see a tax bill as high as $2,696. The highest median tax bill in the area is $1,406 in the 26505 zip code, contrasting with the lowest median tax bill of $574 in the 26506 zip code. These taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Morgantown Tax Bill
$1,236
Average Monongalia County Tax Bill
$1,138
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Morgantown, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26501 | $274 | $587 | $995 | $1,544 | $2,192 |
| 26505 | $580 | $976 | $1,406 | $1,986 | $2,675 |
| 26506 | $574 | $574 | $574 | $574 | $574 |
| 26508 | $299 | $708 | $1,257 | $1,973 | $2,940 |
Source: Ownwell