Montrose, West Virginia Property Taxes
The median property tax rate in Montrose, WV is 0.40%, 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 $94,000 in Montrose, the typical annual property tax bill amounts to $395, well below the national median of $2,690. Property taxes in Montrose are calculated based on the tax assessed value, which often falls below market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Montrose'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 Montrose or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montrose, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$376
Ownwell’s Montrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montrose 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 Montrose, West Virginia
Property taxes in Montrose, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montrose is 0.40%, significantly lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Montrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montrose 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 Montrose's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26283 zip code has the highest median property tax rate of 0.40%, while the 26283 zip code also has the lowest median tax rate of 0.40%. Understanding how these areas compare with Montrose 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 Montrose 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 Montrose, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26283 | 0.26% | 0.37% | 0.40% | 0.41% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Montrose, West Virginia
In Montrose, 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 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 Montrose, 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 Montrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Montrose Assessed Value
$94,000
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 Montrose, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26283 | $12,100 | $46,800 | $94,000 | $150,100 | $220,440 |
Source: Ownwell
Property Tax Bills Across Montrose, West Virginia
In Montrose, Randolph County, WV, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Homeowners in Montrose face a median property tax rate of 0.99%, which aligns with the national median. The tax bill can vary significantly depending on the property's value and specific circumstances. For instance, the 25th percentile tax bill is around $195, while the 75th percentile tax bill reaches up to $618. At the 90th percentile, homeowners might see tax bills as high as $885. These variations show how different factors such as property size, location, and improvements can influence the final tax amount. High property taxes can impact homeowners by increasing the overall cost of owning a home, while lower taxes might make homeownership more affordable. The highest and lowest median tax bills in Montrose are both reported at $395, indicating a relatively stable tax environment within the zip code 26283.
Average Montrose Tax Bill
$395
Average Randolph County Tax Bill
$381
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Montrose, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26283 | $92 | $195 | $395 | $618 | $885 |
Source: Ownwell