Sinks Grove, West Virginia Property Taxes
The median property tax rate in Sinks Grove, WV is 0.63%, which is lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $90,000 in Sinks Grove, the typical annual property tax bill comes to $517, significantly below the national median of $2,690. Property taxes in Sinks Grove 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 Sinks Grove'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 Sinks Grove 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
Sinks Grove, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$567
Ownwell’s Sinks Grove Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Sinks Grove to provide an estimate of your property tax bill. This valuable tool offers insights into your potential tax liabilities. For those interested in neighborhood-level trends, 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 applicable exemptions.
Property Tax Rates Across Sinks Grove, West Virginia
Property taxes in Sinks Grove, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sinks Grove is 0.63%, lower than both the West Virginia state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Sinks Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sinks Grove 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 Sinks Grove's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 24976 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Sinks Grove provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sinks Grove Tax Rate
0.63%
Average Monroe County Tax Rate
0.63%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sinks Grove, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24976 | 0.35% | 0.49% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Sinks Grove, West Virginia
In Sinks Grove, 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 Monroe 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 Sinks Grove, 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 Sinks Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 24976 has the highest and lowest median tax bill, both recorded at $517.
Property Tax Assessment Values Across Sinks Grove, West Virginia
Source: Ownwell
$37,600
$67,550
$97,500
Average Sinks Grove Assessed Value
$90,000
Average Monroe County Assessed Value
$74,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sinks Grove, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24976 | $27,310 | $54,350 | $90,000 | $137,425 | $191,020 |
Source: Ownwell
Property Tax Bills Across Sinks Grove, West Virginia
In Sinks Grove, located in Monroe County, WV, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in this area is $90,000. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $277, the 75th percentile at $831, and the 90th percentile reaching $1,139. The highest and lowest median tax bills are both $517, indicating a level of consistency within the zip code 24976. Several factors influence the final tax bill, including the assessed value of the property, which is a percentage of the market value, and the local tax rate. These taxes are crucial for funding public services such as schools, emergency services, and infrastructure. For homeowners, understanding these components is essential, as property taxes can significantly impact annual expenses. Comparing the local tax rate to the national median property tax rate of 0.99% can provide further context for homeowners evaluating their financial commitments.
Average Sinks Grove Tax Bill
$517
Average Monroe County Tax Bill
$436
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Sinks Grove, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24976 | $123 | $277 | $517 | $831 | $1,139 |
Source: Ownwell