Monterville, West Virginia Property Taxes
The median property tax rate in Monterville, WV is 0.40%, which is 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 Monterville at $72,400, the typical annual property tax bill comes to $294, well below the national median of $2,690. Property taxes in Monterville are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Monterville'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 Monterville or another part of Randolph County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monterville, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$290
Ownwell’s Monterville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monterville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monterville 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 Monterville, West Virginia
Property taxes in Monterville, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monterville is 0.40%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Monterville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monterville 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 Monterville's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 26282 has both the highest and lowest median property tax rate of 0.40%, consistent with Monterville's rate. Understanding how these areas compare with Monterville provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monterville Tax Rate
0.40%
Average Randolph County Tax Rate
0.40%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monterville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26282 | 0.27% | 0.40% | 0.40% | 0.51% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Monterville, West Virginia
In Monterville, 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 Randolph 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 Monterville, 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. For instance, the median home price in Monterville is $72,400, with tax bills ranging from $144 at the 25th percentile to $853 at the 90th percentile. 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 Monterville, West Virginia
Source: Ownwell
$28,000
$66,900
$105,800
Average Monterville Assessed Value
$72,400
Average Randolph County Assessed Value
$82,600
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monterville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26282 | $17,800 | $32,900 | $72,400 | $113,500 | $165,700 |
Source: Ownwell
Property Tax Bills Across Monterville, West Virginia
In Monterville, Randolph County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in Monterville can expect their property tax bills to vary significantly depending on the assessed value of their homes and the local tax rate. For instance, the median home price in Monterville is $72,400. Property tax bills can range widely: at the 25th percentile, homeowners might pay around $144, while those at the 75th percentile could see bills as high as $510. At the 90th percentile, tax bills can reach up to $853. The highest median tax bill recorded in the area is $294, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how property tax bills are calculated can help homeowners budget accordingly and potentially seek appeals or exemptions if they believe their assessed value is too high.
Average Monterville Tax Bill
$294
Average Randolph County Tax Bill
$381
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Monterville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26282 | $87 | $144 | $294 | $510 | $853 |
Source: Ownwell