New Richmond, West Virginia Property Taxes
The median property tax rate in New Richmond, WV is 0.68%, notably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in New Richmond, the typical annual property tax bill is $146, significantly less than the national median of $2,690. Property taxes in New Richmond are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Richmond'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 New Richmond 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
New Richmond, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$117
Ownwell’s New Richmond Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in New Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Richmond to provide an estimate of 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 New Richmond, West Virginia
Property taxes in New Richmond, 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 New Richmond is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within New Richmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Richmond 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 New Richmond's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 24867 zip code has both the highest and the lowest median property tax rate of 0.68%. Understanding how these cities compare with New Richmond provides valuable insights into the varying tax landscape across Wyoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Richmond Tax Rate
0.68%
Average Wyoming County Tax Rate
0.68%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Richmond, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24867 | 0.68% | 0.68% | 0.68% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across New Richmond, West Virginia
In New Richmond, 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 Wyoming 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 New Richmond, 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. The median home price in New Richmond is $17,200, and the tax bills can vary significantly. For instance, the 25th percentile tax bill is $64, while the 75th percentile tax bill is $213. Notably, the highest median tax bill of $146 is found in the zip code 24867. 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 New Richmond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across New Richmond, West Virginia
Source: Ownwell
$17,200
$41,500
$65,800
Average New Richmond Assessed Value
$17,200
Average Wyoming County Assessed Value
$25,000
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Richmond, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24867 | $2,840 | $9,400 | $17,200 | $28,050 | $35,800 |
Source: Ownwell
Property Tax Bills Across New Richmond, West Virginia
In New Richmond, located in Wyoming 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 typically represents a percentage of the property's market value. Homeowners in this area can expect their tax bills to vary significantly depending on their property's assessed value and the local tax rate. For example, the median home price in New Richmond is $17,200. Property tax bills in this region range from the 25th percentile at $64 to the 75th percentile at $213, with the 90th percentile reaching up to $308. These figures highlight how property taxes can affect homeowners differently based on their property’s assessed value. Compared to the national median property tax rate of 0.99%, New Richmond's property taxes are relatively modest. However, even within this small community, there can be substantial variation, which underscores the importance of understanding how local assessments and tax rates impact individual tax bills.
Average New Richmond Tax Bill
$146
Average Wyoming County Tax Bill
$190
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across New Richmond, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24867 | $31 | $64 | $146 | $213 | $308 |
Source: Ownwell