Terra Alta, West Virginia Property Taxes
The median property tax rate in Terra Alta, WV is 0.64%, which is 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 $91,900 in Terra Alta, the typical annual property tax bill amounts to $612, far below the national median of $2,690. Property taxes in Terra Alta 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. Understanding Terra Alta'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 Terra Alta or another part of Preston County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Terra Alta, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$588
Ownwell’s Terra Alta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terra Alta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terra Alta 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 Terra Alta, West Virginia
Property taxes in Terra Alta, WV, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terra Alta is 0.64%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Terra Alta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terra Alta 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 Terra Alta's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26764 has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Terra Alta provides valuable insights into the varying tax landscape across Preston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Terra Alta Tax Rate
0.64%
Average Preston County Tax Rate
0.64%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terra Alta, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26764 | 0.41% | 0.56% | 0.64% | 0.83% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Terra Alta, West Virginia
In Terra Alta, 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 Preston 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. 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 Terra Alta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Terra Alta both stand at $612, found in zip code 26764.
Property Tax Assessment Values Across Terra Alta, West Virginia
Source: Ownwell
$22,100
$93,000
$163,900
Average Terra Alta Assessed Value
$91,900
Average Preston County Assessed Value
$68,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Terra Alta, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26764 | $15,420 | $47,850 | $91,900 | $146,200 | $212,880 |
Source: Ownwell
Property Tax Bills Across Terra Alta, West Virginia
In Terra Alta, property tax bills are determined based on the assessed value of a home, which is derived from the market value. The median home price in Terra Alta is $91,900. The local property tax rate, applied to the assessed value, ultimately determines the tax bill. For instance, the 25th percentile of tax bills is $336, while the 75th percentile is $972, and the 90th percentile reaches up to $1,438. These figures highlight the range of property tax obligations homeowners may face, depending on their property's assessed value. The tax bill can significantly affect homeowners, influencing their annual budgeting and overall financial planning. Compared to the national median property tax rate of 0.99%, Terra Alta's property taxes can be relatively manageable, yet they still represent a notable expense for many residents. Understanding these factors can help homeowners anticipate their tax liabilities and better manage their financial resources.
Average Terra Alta Tax Bill
$612
Average Preston County Tax Bill
$473
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Terra Alta, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26764 | $157 | $336 | $612 | $972 | $1,438 |
Source: Ownwell