Philippi, West Virginia Property Taxes
The median property tax rate in Philippi, WV is 0.59%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Philippi at $108,850, the typical annual property tax bill is $668, well below the national median of $2,690. Property taxes in Philippi are calculated based on the tax assessed value, which generally falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Philippi'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 Philippi 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
Philippi, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$642
Ownwell’s Philippi Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Philippi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Philippi 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 Philippi, West Virginia
Property taxes in Philippi, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Philippi is 0.59%, significantly lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Philippi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Philippi 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 Philippi's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26416 zip code has the highest median property tax rate of 0.59%, while the 26416 zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Philippi provides valuable insights into the varying tax landscape across Taylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Philippi Tax Rate
0.59%
Average Taylor County Tax Rate
0.59%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Philippi, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26416 | 0.59% | 0.59% | 0.59% | 0.59% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Philippi, West Virginia
In Philippi, 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 Philippi, 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 Philippi helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $108,850, with median tax bills ranging from $571 at the 25th percentile to $1,058 at the 90th percentile. The highest and lowest median tax bills are both $668 in the 26416 zip code.
Average Philippi Assessed Value
$108,850
Average Taylor County Assessed Value
$85,250
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Philippi, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26416 | $40,500 | $95,600 | $108,850 | $170,550 | $176,870 |
Source: Ownwell
Property Tax Bills Across Philippi, West Virginia
In Philippi, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The process begins with the assessor evaluating various factors such as the home's market value, location, and physical characteristics. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. For instance, homeowners in Philippi, located in Taylor County, experience a range of property tax bills. The median home price stands at $108,850, with tax bills varying significantly. At the 25th percentile, homeowners pay around $571, while those at the 75th percentile see bills of approximately $1028. The highest median tax bill in the area is $668, which aligns with the zip code 26416. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and public safety. Understanding how these taxes are calculated helps homeowners better manage their financial planning and property investments.
Average Philippi Tax Bill
$668
Average Taylor County Tax Bill
$583
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Philippi, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26416 | $464 | $571 | $668 | $1,028 | $1,058 |
Source: Ownwell