Philippi, West Virginia Property Taxes
The median property tax rate in Philippi, WV is 0.39%, 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 Philippi, the typical annual property tax bill is $361, well below the national median of $2,690. Property taxes in Philippi 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 Philippi'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 Philippi 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
Philippi, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$306
Ownwell’s Philippi Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Philippi with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Philippi to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Barbour County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Philippi, West Virginia
Property taxes in Philippi, 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 Philippi is 0.39%, which is significantly lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Philippi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Philippi 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 Philippi's effective property tax rate to other counties in West Virginia and the national median. For comparison, the highest median property tax rate in West Virginia is found in zip code 25414 at 0.78%, while the lowest median tax rate is in zip code 26537 at 0.18%. Understanding how these cities compare with Philippi provides valuable insights into the varying tax landscape across Barbour County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Philippi Tax Rate
0.39%
Average Barbour County Tax Rate
0.39%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Philippi, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26416 | 0.26% | 0.37% | 0.39% | 0.54% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Philippi, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Philippi, West Virginia. 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 Barbour 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 Philippi, 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 Philippi helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Philippi, the median home price is $78,500. The median tax bill ranges significantly, with the 25th percentile at $190 and the 75th percentile at $556. The highest and lowest median tax bills are both $361 in the zip code 26416.
Average Philippi Assessed Value
$78,500
Average Barbour County Assessed Value
$69,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Philippi, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26416 | $14,540 | $41,150 | $78,500 | $123,200 | $172,500 |
Source: Ownwell
Property Tax Bills Across Philippi, West Virginia
In Philippi, property tax bills are calculated based on the assessed value of a property, which is determined by the Barbour County Assessor's Office. The assessed value generally reflects a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. The median home price in Philippi is $78,500, which serves as a baseline for these calculations. Factors such as property location, size, and improvements can influence the assessed value. For instance, homes in the 25th percentile of tax bills pay around $190 annually, while those in the 75th percentile pay approximately $556. At the higher end, the 90th percentile of property tax bills reaches $806. These property taxes fund essential public services like schools, infrastructure, and emergency services. For homeowners, understanding these factors and how they contribute to their annual tax bill is crucial for financial planning and property investment decisions. Compared to the national median property tax rate of 0.99%, Philippi offers relatively affordable property taxes.
Average Philippi Tax Bill
$361
Average Barbour County Tax Bill
$319
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Philippi, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26416 | $84 | $190 | $361 | $556 | $806 |
Source: Ownwell