Fraziers Bottom, West Virginia Property Taxes
The median property tax rate in Fraziers Bottom, WV is 0.73%, slightly higher than the West Virginia state median of 0.72% but still below the national median of 0.99%. With a median home value of $138,400 in Fraziers Bottom, the typical annual property tax bill amounts to $954, which is significantly lower than the national median of $2,690. Property taxes in Fraziers Bottom 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 the property tax system in Fraziers Bottom, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fraziers Bottom or another part of Putnam County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fraziers Bottom, 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 Fraziers Bottom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fraziers Bottom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fraziers Bottom 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 Fraziers Bottom, West Virginia
Property taxes in Fraziers Bottom, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fraziers Bottom is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Fraziers Bottom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fraziers Bottom 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 Fraziers Bottom's effective property tax rate to other areas in Putnam County and the national median. For comparison, the zip code 25082 has both the highest and lowest median property tax rate of 0.73%. Understanding how these areas compare with Fraziers Bottom 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 Fraziers Bottom Tax Rate
0.73%
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 Fraziers Bottom, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25082 | 0.52% | 0.62% | 0.73% | 0.73% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Fraziers Bottom, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fraziers Bottom, 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 Putnam County Assessor 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. Assessment notices in Fraziers Bottom 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 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 $954.00 in the 25082 zip code, while the lowest median tax bill is also $954.00 in the same zip code.
Property Tax Assessment Values Across Fraziers Bottom, West Virginia
Source: Ownwell
$36,950
$113,275
$189,600
Average Fraziers Bottom Assessed Value
$138,400
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 Fraziers Bottom, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25082 | $11,080 | $64,000 | $138,400 | $217,350 | $268,360 |
Source: Ownwell
Property Tax Bills Across Fraziers Bottom, West Virginia
In Fraziers Bottom, property tax bills are calculated based on the assessed value of a home, which is derived from the market value and the local assessment ratio. Homeowners in Putnam County can expect varying tax bills depending on their property's assessed value. For instance, the median home price in the area is $138,400. The tax bill for the 25th percentile is around $485, while those in the 75th percentile pay approximately $1,602. The 90th percentile sees tax bills as high as $2,003. These tax bills are influenced by several factors, including the property's size, location, and condition. Compared to the national median property tax rate of 0.99%, homeowners in Fraziers Bottom might find their tax obligations relatively manageable, but still significant. High property taxes can impact homeowners by increasing their annual expenses, which is crucial to consider when budgeting for homeownership. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Fraziers Bottom Tax Bill
$954
Average Putnam County Tax Bill
$1,099
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Fraziers Bottom, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25082 | $169 | $485 | $954 | $1,602 | $2,003 |
Source: Ownwell