Smoot, West Virginia Property Taxes
The median property tax rate in Smoot, WV is 0.57%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value in Smoot of $77,300, the typical annual property tax bill amounts to $450, well below the national median of $2,690. Property taxes in Smoot 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 Smoot'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 Smoot 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
Smoot, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$441
Ownwell’s Smoot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smoot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smoot 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 Greenbrier County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Smoot, West Virginia
Property taxes in Smoot, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smoot is 0.57%, which is lower than the U.S. national median of 0.99%. Local government entities within Smoot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smoot 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 Smoot's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 24977 has the highest median property tax rate of 0.57%, while the lowest median tax rate is also 0.57% in the same zip code. Understanding how these cities compare with Smoot provides valuable insights into the varying tax landscape across Greenbrier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smoot Tax Rate
0.57%
Average Greenbrier County Tax Rate
0.57%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smoot, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24977 | 0.30% | 0.44% | 0.57% | 0.57% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Smoot, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Smoot, Greenbrier County, 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 Greenbrier 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 Smoot, 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 zip code 24977 has the highest and lowest median tax bill of $450. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smoot Assessed Value
$77,300
Average Greenbrier County Assessed Value
$70,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smoot, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24977 | $13,620 | $45,750 | $77,300 | $119,350 | $171,880 |
Source: Ownwell
Property Tax Bills Across Smoot, West Virginia
In Smoot, Greenbrier County, WV, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor's office. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Smoot, the median home price is $77,300, and the property tax rate plays a crucial role in calculating the final tax amount. Factors such as property size, location, and market conditions are considered when determining the assessed value. Homeowners in Smoot can expect tax bills to vary significantly, with the 25th percentile at $215 and the 75th percentile reaching $665. At the 90th percentile, tax bills can go up to $973. These property taxes are essential for funding local services, including schools, public safety, and infrastructure, directly impacting the community's quality of life. By understanding these factors, homeowners can better anticipate their annual property tax obligations.
Average Smoot Tax Bill
$450
Average Greenbrier County Tax Bill
$454
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Smoot, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24977 | $119 | $215 | $450 | $665 | $973 |
Source: Ownwell