Cool Ridge, West Virginia Property Taxes
The median property tax rate in Cool Ridge, WV is 0.72%, aligning with the state median but lower than the national median of 0.99%. With a median home value of $78,300 in Cool Ridge, the typical annual property tax bill is $509, significantly below the national median of $2,690. Property taxes in Cool Ridge are calculated based on the tax assessed value, which often falls below market value due to various exemptions like primary residence and agricultural exemptions. Understanding Cool Ridge'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 Cool Ridge or another part of Raleigh County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cool Ridge, 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 COOL RIDGE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in COOL RIDGE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in COOL RIDGE 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 Cool Ridge, West Virginia
Property taxes in Cool Ridge, 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 Cool Ridge is 0.72%, which is below the U.S. national median of 0.99%. Local government entities within Cool Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cool Ridge 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 Cool Ridge's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 25825 has both the highest and lowest median property tax rate of 0.72%, identical to Cool Ridge. Understanding how these areas compare with Cool Ridge provides valuable insights into the varying tax landscape across Raleigh County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cool Ridge Tax Rate
0.72%
Average Raleigh County Tax Rate
0.72%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cool Ridge, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25825 | 0.37% | 0.54% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Cool Ridge, West Virginia
In Cool Ridge, 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 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. In Cool Ridge, 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 Cool Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $78,300, with tax bills ranging from $275 at the 25th percentile to $1,387 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 25825, at $509.
Average Cool Ridge Assessed Value
$78,300
Average Raleigh County Assessed Value
$52,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cool Ridge, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25825 | $20,520 | $44,250 | $78,300 | $124,950 | $198,240 |
Source: Ownwell
Property Tax Bills Across Cool Ridge, West Virginia
In Cool Ridge, Raleigh County, WV, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Cool Ridge is $78,300. To determine the tax bill, the assessed value is multiplied by the local tax rate. Homeowners in Cool Ridge can expect tax bills ranging from $275 at the 25th percentile to $1,387 at the 90th percentile. The highest and lowest median tax bills in the area are both $509, suggesting a uniform tax rate within this zip code. Several factors influence the final tax bill, including the home's market value and any applicable exemptions. These taxes are essential for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Cool Ridge's tax rates offer a relatively affordable option for homeowners. Understanding how these elements come together helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Cool Ridge Tax Bill
$509
Average Raleigh County Tax Bill
$419
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Cool Ridge, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25825 | $127 | $275 | $509 | $871 | $1,387 |
Source: Ownwell