Pence Springs, West Virginia Property Taxes
The median property tax rate in Pence Springs, WV is 0.41%, 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 $83,200 in Pence Springs, the typical annual property tax bill is $361, well below the national median of $2,690. Property taxes in Pence Springs are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Pence 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 Pence Springs or another part of Summers County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pence Springs, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$341
Ownwell’s Pence Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pence Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pence 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 Pence Springs, West Virginia
Property taxes in Pence Springs, 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 Pence Springs is 0.41%, which is lower than the U.S. national median of 0.99%. Local government entities within Pence Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pence 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 Pence Springs' effective property tax rate to other counties in West Virginia and the national median. For comparison, the 24962 zip code in Summers County has the same median property tax rate of 0.41%. Understanding how these cities compare with Pence Springs provides valuable insights into the varying tax landscape across Summers County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pence Springs Tax Rate
0.41%
Average Summers County Tax Rate
0.41%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pence Springs, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24962 | 0.24% | 0.31% | 0.41% | 0.65% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Pence Springs, West Virginia
In Pence 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 Summers 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 Pence 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. 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 Pence Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 24962 at $361, which is the same as the lowest median tax bill in the area.
Property Tax Assessment Values Across Pence Springs, West Virginia
Source: Ownwell
$53,200
$106,050
$158,900
Average Pence Springs Assessed Value
$83,200
Average Summers County Assessed Value
$66,000
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pence Springs, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24962 | $35,550 | $62,300 | $83,200 | $124,800 | $172,550 |
Source: Ownwell
Property Tax Bills Across Pence Springs, West Virginia
In Pence Springs, located in Summers County, WV, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and is a percentage of the property's market value. For homeowners in this region, the tax bill is influenced by various factors including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. The median home price in Pence Springs is $83,200, which serves as a baseline for calculating property taxes. Tax bills in this area can vary significantly, with the 25th percentile tax bill at $247 and the 75th percentile tax bill reaching $552. At the 90th percentile, homeowners might see tax bills as high as $820. Despite these variations, the median tax bill in Summers County stands at $361, which is considerably lower than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly for their property tax payments.
Average Pence Springs Tax Bill
$361
Average Summers County Tax Bill
$304
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Pence Springs, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24962 | $138 | $247 | $361 | $552 | $820 |
Source: Ownwell