Smithfield, West Virginia Property Taxes
The median property tax rate in Smithfield, WV is 0.74%, slightly higher than the West Virginia state median of 0.72% but below the national median of 0.99%. With a median home value of $204,300 in Smithfield, the typical annual property tax bill amounts to $1,514, which is significantly lower than the national median of $2,690. Property taxes in Smithfield are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Smithfield'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 Smithfield or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithfield, 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 Smithfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithfield 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 Smithfield, West Virginia
Property taxes in Smithfield, 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 Smithfield is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithfield 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. Understanding how Smithfield's effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithfield Tax Rate
0.74%
Average Marion County Tax Rate
0.74%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithfield, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26437 | 0.62% | 0.65% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, West Virginia
In Smithfield, 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 Marion 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 Smithfield, 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 Smithfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,514, found in zip code 26437.
Property Tax Assessment Values Across Smithfield, West Virginia
Source: Ownwell
$7,100
$122,075
$237,050
Average Smithfield Assessed Value
$204,300
Average Marion County Assessed Value
$104,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithfield, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26437 | $141,780 | $176,100 | $204,300 | $272,300 | $291,020 |
Source: Ownwell
Property Tax Bills Across Smithfield, West Virginia
In Smithfield, located in Marion County, WV, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Smithfield is $204,300. Property taxes are calculated by applying the local tax rate to the assessed value. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For homeowners, the tax bill can vary significantly. The tax bill at the 25th percentile is $1,058, while at the 75th percentile, it is $1,771, and at the 90th percentile, it reaches $2,058. The highest and lowest median tax bills in the area are both $1,514, indicating some consistency in property tax assessments within the zip code 26437. Compared to the national median property tax rate of 0.99%, Smithfield's property tax rates can be considered moderate. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Smithfield Tax Bill
$1,514
Average Marion County Tax Bill
$886
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithfield, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26437 | $952 | $1,058 | $1,514 | $1,771 | $2,058 |
Source: Ownwell