Big Run, West Virginia Property Taxes
The median property tax rate in Big Run, WV is 0.46%, considerably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Big Run, the typical annual property tax bill reaches $468, significantly below the national median of $2,690. Property taxes in Big Run are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Big Run's 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 Run 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 Run, 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 Run Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Run with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Run 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 Run, West Virginia
Property taxes in Big Run, 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 Big Run is 0.46%, which is lower than the U.S. national median of 0.99%. Local government entities within Big Run set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Run 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 Run's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26561 has both the highest and lowest median property tax rate of 0.46%. Understanding how these areas compare with Big Run provides valuable insights into the varying tax landscape across Wetzel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Run Tax Rate
0.46%
Average Wetzel County Tax Rate
0.69%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Run, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26561 | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Big Run, West Virginia
In Big Run, 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 Wetzel County Assessor's Office 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 Run, 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. For instance, the median home price in Big Run is $77,250, with the highest and lowest median tax bills both standing at $468 in zip code 26561. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Big Run Assessed Value
$77,250
Average Wetzel County Assessed Value
$72,300
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Run, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26561 | $57,770 | $65,075 | $77,250 | $89,425 | $96,730 |
Source: Ownwell
Property Tax Bills Across Big Run, West Virginia
In Big Run, Wetzel County, WV, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. Unlike market value, the assessed value is a percentage of the market value and is used to calculate the tax bill. The local tax rate is then applied to this assessed value to determine the final tax amount a homeowner owes. For instance, with a median home price of $77,250, homeowners in Big Run see a consistent tax bill, with the 25th, 75th, and 90th percentiles all at $468. This uniformity suggests a stable tax environment but is notably higher than the national median property tax rate of 0.99%. Such rates can impact homeowners by affecting their annual budgeting and financial planning. While the tax rate in Wetzel County may seem modest compared to other regions, it still represents a significant annual expense for property owners.
Average Big Run Tax Bill
$468
Average Wetzel County Tax Bill
$518
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Run, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26561 | $468 | $468 | $468 | $468 | $468 |
Source: Ownwell