Wolf Summit, West Virginia Property Taxes
The median property tax rate in Wolf Summit, WV is 0.70%, 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 Wolf Summit at $73,100, the typical annual property tax bill is $278, significantly below the national median of $2,690. Property taxes in Wolf Summit are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Wolf Summit'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 Wolf Summit or another part of the city, becoming familiar with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wolf Summit, West Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,440
Ownwell’s Wolf Summit Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wolf Summit, WV. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Wolf Summit to provide an accurate estimate of your property tax bill. This powerful tool offers a clear understanding of your potential tax liabilities. For those interested in more granular insights, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value, determined by Harrison County, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Wolf Summit, West Virginia
Property taxes in Wolf Summit, West Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Wolf Summit is 0.57%, which is lower than both the West Virginia state median of 0.59% and the U.S. national median of 0.99%. Local government entities within Wolf Summit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wolf Summit 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 Wolf Summit's effective property tax rate to other counties in West Virginia and the national median. For comparison, the highest median property tax rate in the region is 0.57%, while the lowest median tax rate is also 0.57%. Understanding how these cities compare with Wolf Summit provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wolf Summit Tax Rate
0.70%
Average Harrison County Tax Rate
0.74%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wolf Summit, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26426 | 0.44% | 0.54% | 0.70% | 1.05% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Wolf Summit, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wolf Summit, 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 Harrison 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 Wolf Summit, 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 Wolf Summit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $278 in the 26426 zip code, which is also the lowest median tax bill.
Property Tax Assessment Values Across Wolf Summit, West Virginia
Source: Ownwell
$6,500
$99,925
$193,350
Average Wolf Summit Assessed Value
$73,100
Average Harrison County Assessed Value
$76,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wolf Summit, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26426 | $38,380 | $51,400 | $73,100 | $89,150 | $98,780 |
Source: Ownwell
Property Tax Bills Across Wolf Summit, West Virginia
In Wolf Summit, WV, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $73,100, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school district funding needs, and public service requirements influence the tax rate set by Harrison County. Homeowners in Wolf Summit may see tax bills ranging from $243 at the 25th percentile to $874 at the 75th percentile, with the 90th percentile reaching up to $1,231. This variation depends on the specific assessed value of their property and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, homeowners in Wolf Summit experience relatively lower property tax bills, providing some financial relief. Understanding these factors helps homeowners anticipate their annual property tax expenses and plan their budgets accordingly.
Average Wolf Summit Tax Bill
$278
Average Harrison County Tax Bill
$688
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Wolf Summit, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26426 | $221 | $243 | $278 | $874 | $1,231 |
Source: Ownwell