Ridgeley, West Virginia Property Taxes
The median property tax rate in Ridgeley, WV is 0.72%, aligning with the state median but lower than the national median of 0.99%. With the median home value in Ridgeley at $92,650, the typical annual property tax bill is $670, significantly below the national median of $2,690. Property taxes in Ridgeley are calculated based on the tax assessed value, which usually falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Ridgeley'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 Ridgeley 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
Ridgeley, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$667
Ownwell’s Ridgeley Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Ridgeley. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Ridgeley to provide an estimate of your property tax bill. This feature offers a clear understanding of potential tax liabilities. For those interested in more granular insights, scrolling down reveals neighborhood-level trends and data. Your property's assessed value, determined by Mineral County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Ridgeley, West Virginia
Property taxes in Ridgeley, 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 Ridgeley is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Ridgeley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ridgeley 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 Ridgeley's effective property tax rate to other regions and the national median. For comparison, the zip code 26753 has both the highest and lowest median property tax rate of 0.72%. Understanding how these rates compare with Ridgeley provides valuable insights into the varying tax landscape across Mineral County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ridgeley Tax Rate
0.72%
Average Mineral County Tax Rate
0.72%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ridgeley, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26753 | 0.45% | 0.57% | 0.72% | 0.87% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Ridgeley, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ridgeley, 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 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 Ridgeley, 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. Ridgeley homeowners can expect a median home price of $92,650. The median tax bill ranges from $400 at the 25th percentile to $1,809 at the 90th percentile. The highest and lowest median tax bills, both $670, are found in the zip code 26753. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ridgeley Assessed Value
$92,650
Average Mineral County Assessed Value
$84,700
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ridgeley, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26753 | $24,550 | $56,000 | $92,650 | $142,375 | $237,300 |
Source: Ownwell
Property Tax Bills Across Ridgeley, West Virginia
In Ridgeley, Mineral County, WV, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in Ridgeley typically see a range in their tax bills, with the 25th percentile at $400 and the 75th percentile reaching $1,052. The highest tax bills in the area can climb to $1,809, highlighting the variability based on property value and assessment rates. The assessed value is influenced by factors such as property size, location, and market conditions. Once the assessed value is determined, it is multiplied by the local tax rate to calculate the annual tax bill. With a median home price of $92,650, Ridgeley's property tax rates are relatively moderate compared to the national median property tax rate of 0.99%. This system ensures that tax contributions are proportional to property values, providing essential funding for local services while impacting homeowners based on their property's worth.
Average Ridgeley Tax Bill
$670
Average Mineral County Tax Bill
$634
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Ridgeley, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26753 | $183 | $400 | $670 | $1,052 | $1,809 |
Source: Ownwell