Big Springs, West Virginia Property Taxes
The median property tax rate in Big Springs, WV is 0.65%, notably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $34,300 in Big Springs, the typical annual property tax bill is approximately $232, significantly below the national median of $2,690. Property taxes in Big Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Big Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Big Springs 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
Big Springs, 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 BIG SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BIG SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BIG SPRINGS 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 Big Springs, West Virginia
Property taxes in Big Springs, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Springs is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Big Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Springs 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 Big Springs' effective property tax rate to other areas in West Virginia and the national median. For comparison, the 26137 zip code has both the highest and lowest median property tax rate in the county at 0.65%. Understanding how these areas compare with Big Springs provides valuable insights into the varying tax landscape across Ritchie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Springs Tax Rate
0.65%
Average Ritchie County Tax Rate
0.65%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Springs, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26137 | 0.65% | 0.65% | 0.65% | 0.65% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Big Springs, West Virginia
In Big Springs, 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 Ritchie 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 Big Springs, 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. For example, the highest median tax bill in the area is $232.00 in zip code 26137, while the lowest median tax bill is also $232.00 in the same zip code. 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 Big Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Big Springs, West Virginia
Source: Ownwell
$34,300
$68,800
$103,300
Average Big Springs Assessed Value
$34,300
Average Ritchie County Assessed Value
$64,450
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Springs, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26137 | $1,800 | $9,500 | $34,300 | $70,900 | $102,220 |
Source: Ownwell
Property Tax Bills Across Big Springs, West Virginia
In Big Springs, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $34,300, the tax bill can vary significantly. Homeowners in the 25th percentile might pay around $72, while those in the 75th percentile could see bills as high as $451. The 90th percentile tax bill can reach up to $626. Several factors influence the tax bill, including property size, location, and any exemptions or deductions for which the homeowner might qualify. Compared to the national median property tax rate of 0.99%, Big Springs homeowners experience relatively lower tax bills. This lower tax burden can be beneficial for homeowners, making it more affordable to own property in this region. However, it's essential to stay informed about local tax rates and assessments to manage financial expectations effectively.
Average Big Springs Tax Bill
$232
Average Ritchie County Tax Bill
$428
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Springs, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26137 | $24 | $72 | $232 | $451 | $626 |
Source: Ownwell