Spencer, West Virginia Property Taxes
The median property tax rate in Spencer, WV is 0.53%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $75,000 in Spencer, the typical annual property tax bill is $433, well below the national median of $2,690. Property taxes in Spencer are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Spencer'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 Spencer or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spencer, 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 Spencer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencer 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 Spencer, West Virginia
Property taxes in Spencer, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spencer is 0.53%, which is significantly lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Spencer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spencer 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 Spencer's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 25276 has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these areas compare with Spencer provides valuable insights into the varying tax landscape across Roane County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spencer Tax Rate
0.53%
Average Roane County Tax Rate
0.53%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spencer, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25276 | 0.32% | 0.46% | 0.53% | 0.68% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Spencer, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Spencer, 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 Roane 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 Spencer, 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 Spencer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Spencer is $433 in the 25276 zip code, while the lowest median tax bill is also $433 in the same zip code.
Average Spencer Assessed Value
$75,000
Average Roane County Assessed Value
$76,300
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spencer, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25276 | $17,400 | $42,100 | $75,000 | $113,600 | $167,600 |
Source: Ownwell
Property Tax Bills Across Spencer, West Virginia
In Spencer, WV, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This value is a percentage of the market value of the home. Homeowners in Spencer typically see a median home price of $75,000. The tax rate applied to this assessed value determines the annual property tax bill. Factors that influence the tax bill include the property's location within Roane County, the assessed value, and any applicable exemptions or deductions. For instance, the 25th percentile of tax bills in Spencer is around $240, while the 75th percentile reaches up to $672. The 90th percentile tax bill can go as high as $985. The highest and lowest median tax bills in the area are both $433, found in the 25276 zip code. Compared to the national median property tax rate of 0.99%, Spencer's property tax rates offer a relatively affordable option for homeowners, impacting their overall cost of living and homeownership expenses.
Average Spencer Tax Bill
$433
Average Roane County Tax Bill
$415
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencer, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25276 | $110 | $240 | $433 | $672 | $985 |
Source: Ownwell