Bancroft, West Virginia Property Taxes
The median property tax rate in Bancroft, WV is 0.88%, which is lower than the national median of 0.99% but higher than the West Virginia state median of 0.72%. With a median home value of $36,950, the typical annual property tax bill in Bancroft is $340, significantly below the national median of $2,690. Property taxes in Bancroft 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 Bancroft'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 Bancroft 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
Bancroft, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$325
Ownwell’s Bancroft Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bancroft with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bancroft 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 Bancroft, West Virginia
Property taxes in Bancroft, 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 Bancroft is 0.59%, lower than both the West Virginia state median of 0.57% and the U.S. national median of 0.99%. Local government entities within Bancroft set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bancroft 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 Bancroft's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 25011 has the highest median property tax rate of 0.59%, while the same zip code 25011 also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Bancroft provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bancroft Tax Rate
0.88%
Average Putnam County Tax Rate
0.73%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bancroft, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25011 | 0.23% | 0.59% | 0.88% | 1.02% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Bancroft, West Virginia
In Bancroft, 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 Putnam 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 Bancroft, 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 Bancroft 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 $340.00, found in zip code 25011.
Average Bancroft Assessed Value
$36,950
Average Putnam County Assessed Value
$136,400
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bancroft, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25011 | $5,030 | $16,400 | $36,950 | $66,175 | $129,830 |
Source: Ownwell
Property Tax Bills Across Bancroft, West Virginia
In Bancroft, WV, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is intended to reflect the market value of the property. Homeowners in Bancroft can expect their property tax bills to vary significantly, with the 25th percentile paying around $117 annually, while those in the 75th percentile face bills of approximately $747. At the higher end, the 90th percentile sees tax bills reaching $1099. These tax bills are influenced by several factors, including property location, home size, and market conditions. For instance, the highest median tax bill in the county is $340, found in the 25011 zip code. Understanding these elements is crucial for homeowners, as property taxes can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, Bancroft’s property taxes can be relatively lower, making it a potentially attractive option for budget-conscious homeowners.
Average Bancroft Tax Bill
$340
Average Putnam County Tax Bill
$1,099
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Bancroft, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25011 | $45 | $117 | $340 | $747 | $1,099 |
Source: Ownwell