Elgood, West Virginia Property Taxes
The median property tax rate in Elgood, WV is 0.68%, which is considerably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $140,100 in Elgood, the typical annual property tax bill amounts to $956, significantly below the national median of $2,690. Property taxes in Elgood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Elgood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Elgood or another part of Mercer County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elgood, 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 Elgood Property Tax Bill Calculator is a powerful tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Elgood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elgood to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any exemptions that may apply.
Property Tax Rates Across Elgood, West Virginia
Property taxes in Elgood, 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 Elgood is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Elgood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elgood 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 Elgood's effective property tax rate to other counties in West Virginia and the national median. For comparison, the ZIP code 24740 has both the highest and lowest median property tax rate in Mercer County at 0.68%. Understanding how these cities compare with Elgood provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elgood Tax Rate
0.68%
Average Mercer County Tax Rate
0.68%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elgood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24740 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Elgood, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elgood, WV. 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 local 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 Elgood, 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 Elgood 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 $956, found in zip code 24740.
Average Elgood Assessed Value
$140,100
Average Mercer County Assessed Value
$60,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elgood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24740 | $140,100 | $140,100 | $140,100 | $140,100 | $140,100 |
Source: Ownwell
Property Tax Bills Across Elgood, West Virginia
In Elgood, Mercer County, WV, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the property's market value, determined by local assessors. For homeowners in Elgood, the median home price is $140,100. The property tax rate in Mercer County is applied to this assessed value to calculate the annual tax bill. Various factors influence the tax bill, including property size, location, and any applicable exemptions. For example, homeowners might qualify for exemptions that reduce their taxable value, thereby lowering their tax bill. In Elgood, the tax bills show little variation, with the 25th, 75th, and 90th percentiles all at $956, which is significantly lower than the national median property tax rate of 0.99%. This relatively low and consistent tax bill can be advantageous for homeowners, providing more predictable annual expenses and potentially making homeownership more affordable compared to other regions.
Average Elgood Tax Bill
$956
Average Mercer County Tax Bill
$442
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Elgood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24740 | $956 | $956 | $956 | $956 | $956 |
Source: Ownwell