Sod, West Virginia Property Taxes
The median property tax rate in SOD, WV is 0.75%, slightly higher than the West Virginia state median of 0.72% but still below the national median of 0.99%. With the median home value in SOD at $63,000, the typical annual property tax bill is $402, significantly lower than the national median of $2,690. Property taxes in SOD are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding SOD'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 SOD 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
Sod, 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 SOD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SOD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SOD 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 Sod, West Virginia
Property taxes in SOD, West Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in SOD is 0.75%, lower than the U.S. national median of 0.99%. Local government entities within SOD set these rates annually, and they can vary significantly across different neighborhoods. Each year, SOD 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 SOD's effective property tax rate to other areas in Lincoln County and the national median. For comparison, the 25564 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with SOD provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sod Tax Rate
0.75%
Average Lincoln County Tax Rate
0.75%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sod, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25564 | 0.30% | 0.47% | 0.75% | 0.75% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Sod, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in SOD, 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 Lincoln 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 SOD, 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. The median home price in SOD is $63,000, with tax bills ranging from $219 at the 25th percentile to $971 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 25564, with a median tax bill of $402. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sod Assessed Value
$63,000
Average Lincoln County Assessed Value
$50,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sod, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25564 | $22,340 | $41,100 | $63,000 | $88,400 | $124,580 |
Source: Ownwell
Property Tax Bills Across Sod, West Virginia
In SOD, Lincoln County, WV, property tax bills are calculated based on the assessed value of the property. The assessed value is a percentage of the property's market value, which local assessors determine. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in SOD can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $219, while the 75th percentile reaches $631, and the 90th percentile can go up to $971. The median home price in the area is $63,000, which helps to contextualize these figures. Comparatively, the national median property tax rate is 0.99%, making SOD's rates relatively manageable for homeowners. These tax bills are crucial for funding local services like schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Sod Tax Bill
$402
Average Lincoln County Tax Bill
$343
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Sod, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25564 | $104 | $219 | $402 | $631 | $971 |
Source: Ownwell