Frametown, West Virginia Property Taxes
The median property tax rate in Frametown, WV is 0.46%, 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 Frametown at $73,400, the typical annual property tax bill is $350, well below the national median of $2,690. Property taxes in Frametown are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Frametown'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 Frametown 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
Frametown, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$338
Ownwell’s Frametown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frametown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frametown 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 Frametown, West Virginia
Property taxes in Frametown, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frametown is 0.46%, lower than both the West Virginia state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Frametown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frametown 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 Frametown's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26623 zip code has the highest median property tax rate of 0.46%, while the 26623 zip code also has the lowest median tax rate of 0.46%. Understanding how these cities compare with Frametown provides valuable insights into the varying tax landscape across Braxton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frametown Tax Rate
0.46%
Average Braxton County Tax Rate
0.46%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frametown, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26623 | 0.29% | 0.41% | 0.46% | 0.46% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Frametown, West Virginia
In Frametown, 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 Braxton 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 Frametown, 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 Frametown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 26623, with a median bill of $350, while the lowest is also 26623, reflecting the same amount.
Property Tax Assessment Values Across Frametown, West Virginia
Source: Ownwell
$27,000
$107,550
$188,100
Average Frametown Assessed Value
$73,400
Average Braxton County Assessed Value
$63,900
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frametown, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26623 | $16,990 | $42,250 | $73,400 | $118,325 | $171,910 |
Source: Ownwell
Property Tax Bills Across Frametown, West Virginia
In Frametown, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which in Frametown is influenced by the median home price of $73,400. Homeowners in Braxton County can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the 25th percentile of tax bills is around $197, while the 75th percentile reaches $558, and the 90th percentile goes up to $824. These tax bills are influenced by various factors, including property size, location, and improvements. Comparatively, the highest and lowest median tax bills in the region both stand at $350 in the 26623 zip code. With a national median property tax rate of 0.99%, Frametown homeowners might find their local rates to be relatively more manageable, which can significantly impact their annual financial planning and overall cost of homeownership.
Average Frametown Tax Bill
$350
Average Braxton County Tax Bill
$333
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Frametown, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26623 | $117 | $197 | $350 | $558 | $824 |
Source: Ownwell