Scott Depot, West Virginia Property Taxes
The median property tax rate in Scott Depot, WV is 0.73%, slightly higher than the state median of 0.72% but lower than the national median of 0.99%. With a median home value of $189,600 in Scott Depot, the typical annual property tax bill is $1,362, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Scott Depot'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 Scott Depot or another part of Putnam County, grasping the nuances of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Scott Depot, 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 Scott Depot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scott Depot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scott Depot 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 Scott Depot, West Virginia
Property taxes in Scott Depot, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scott Depot is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Scott Depot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scott Depot 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 Scott Depot's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25560 zip code has the highest median property tax rate of 0.73%, while the same 25560 zip code has the lowest median tax rate of 0.73%. Understanding how these areas compare with Scott Depot 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 Scott Depot 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 Scott Depot, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25560 | 0.58% | 0.64% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Scott Depot, West Virginia
In Scott Depot, 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 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 Scott Depot, 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 Scott Depot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Scott Depot are both $1,362 in the 25560 zip code.
Property Tax Assessment Values Across Scott Depot, West Virginia
Source: Ownwell
$36,950
$113,275
$189,600
Average Scott Depot Assessed Value
$189,600
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 Scott Depot, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25560 | $72,740 | $131,500 | $189,600 | $248,100 | $349,820 |
Source: Ownwell
Property Tax Bills Across Scott Depot, West Virginia
In Scott Depot, Putnam County, WV, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $189,600, the assessed value is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Scott Depot typically see a range of tax bills. The 25th percentile tax bill is around $961, while the 75th percentile reaches up to $1,840. For those at the higher end, the 90th percentile tax bill can be as much as $2,589. Comparatively, the highest median tax bill in the area is $1,362, which is below the national median property tax rate of 0.99%. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making it essential to understand how these taxes are calculated and managed.
Average Scott Depot Tax Bill
$1,362
Average Putnam County Tax Bill
$1,099
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Scott Depot, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25560 | $531 | $961 | $1,362 | $1,840 | $2,589 |
Source: Ownwell