24740 Property Tax Rate

Property owners in ZIP code 24740 (Princeton, West Virginia) pay a median of $669/year in property taxes on homes valued at $133,200. This translates to an effective tax rate of 0.50%, which is 7% below the West Virginia state average of 0.54%.

The monthly property tax burden for a median-valued home in 24740 is approximately $56, which factors into escrow payments on mortgages. This ZIP code is located within Mercer County.

Compared to similar ZIP codes in West Virginia, 24740 has higher property taxes. ZIP codes with similar effective rates include 26147 (0.50%) and 25606 (0.50%).

In Princeton, property taxes represent approximately 1.4% of the median household income of $46,272, providing context for the relative tax burden on homeowners in this area.

West Virginia reassesses property at fair market value when transferred, so expect a potential increase in assessed value and tax liability following your purchase — there is no purchase-price cap or homestead exemption at the state level. Mercer County offers a Senior Homestead Exemption for residents 65+ who have owned their primary residence for at least one year; contact the Mercer County Assessor's office to verify income limits and application deadlines. File your Senior Homestead Exemption claim with the Mercer County Assessor within 30 days of becoming eligible to lock in the exemption for future years.