Prichard, Wayne County, West Virginia Property Taxes
The median property tax rate in Prichard, WV is 0.74%, slightly higher than the state median of 0.72% but below the national median of 0.99%. With a median home value of $56,500, the typical annual property tax bill in Prichard reaches $408, which is significantly lower than the national median of $2,690. Property taxes in Prichard are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Prichard'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 Prichard or another part of Wayne County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prichard, Wayne County, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$418
$388
Ownwell’s Prichard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prichard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prichard 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 Prichard, Wayne County, West Virginia
Property taxes in Prichard, 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 Prichard is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Prichard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prichard 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. Understanding how Prichard's effective property tax rate compares with other areas in Wayne County and the national median provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prichard Tax Rate
0.74%
Average Wayne County Tax Rate
0.74%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prichard, Wayne County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25555 | 0.34% | 0.58% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Prichard, Wayne County, West Virginia
In Prichard, 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 Wayne County Assessor’s Office 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 Prichard, 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 Prichard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $408, found in zip code 25555.
Property Tax Assessment Values Across Prichard, Wayne County, West Virginia
Source: Ownwell
$27,600
$52,175
$76,750
Average Prichard Assessed Value
$56,500
Average Wayne County Assessed Value
$57,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prichard, Wayne County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25555 | $12,220 | $30,400 | $56,500 | $98,400 | $157,320 |
Source: Ownwell
Property Tax Bills Across Prichard, Wayne County, West Virginia
In Prichard, WV, located in Wayne County, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the home’s market value, determined by the county assessor. Homeowners in Prichard experience property tax bills that vary significantly, with the 25th percentile at $190 and the 75th percentile reaching $709. The 90th percentile tax bill can be as high as $1,116. These tax bills are influenced by multiple factors, including the home’s assessed value, the local tax rate, and any applicable exemptions or deductions. With a median home price of $56,500, residents in Prichard face property tax rates that can be compared to the national median rate of 0.99%. The highest and lowest median tax bills in the area both stand at $408, specifically in the zip code 25555. This variation in tax bills means homeowners must stay informed about their property’s assessed value and the local tax rate to anticipate their annual tax obligations.
Average Prichard Tax Bill
$408
Average Wayne County Tax Bill
$426
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Prichard, Wayne County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25555 | $90 | $190 | $408 | $709 | $1,116 |
Source: Ownwell