Rio, West Virginia Property Taxes
The median property tax rate in Rio, WV is 0.52%, 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 Rio at $93,400, the typical annual property tax bill is $484, far below the national median of $2,690. Property taxes in Rio are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rio'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 Rio or another part of Hampshire County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rio, 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 RIO Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in RIO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RIO 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 Rio, West Virginia
Property taxes in RIO, 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 RIO is 0.52%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within RIO set these rates annually, and they can vary significantly across different neighborhoods. Each year, RIO 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 RIO's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26755 has both the highest and lowest median property tax rate in the area at 0.52%. Understanding how these cities compare with RIO provides valuable insights into the varying tax landscape across Hampshire County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rio Tax Rate
0.52%
Average Hampshire County Tax Rate
0.52%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rio, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26755 | 0.32% | 0.42% | 0.52% | 0.52% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Rio, West Virginia
In Rio, 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 Hampshire 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 Rio, 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 Rio helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Hampshire County, the zip code 26755 has both the highest and lowest median tax bill at $484, highlighting a uniformity in tax burdens across the area.
Average Rio Assessed Value
$93,400
Average Hampshire County Assessed Value
$102,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rio, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26755 | $26,400 | $60,450 | $93,400 | $135,900 | $179,880 |
Source: Ownwell
Property Tax Bills Across Rio, West Virginia
In Rio, Hampshire County, WV, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value. For instance, with a median home price of $93,400, the property tax rate in this area significantly influences the final tax bill. Homeowners in Rio experience a range of tax bills, with the 25th percentile paying around $294 and the 75th percentile paying approximately $718. Those in the 90th percentile face tax bills up to $1,007. These tax bills are influenced by various factors, including property size, location, and market conditions. For homeowners, understanding these factors is crucial, as they directly impact annual expenses. Compared to the national median property tax rate of 0.99%, Rio's property tax rates can be considered relatively moderate. Homeowners in the highest and lowest median tax bill zip code, 26755, both pay around $484, reflecting a consistent tax structure within the region.
Average Rio Tax Bill
$484
Average Hampshire County Tax Bill
$567
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Rio, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26755 | $152 | $294 | $484 | $718 | $1,007 |
Source: Ownwell