Elkins, West Virginia Property Taxes
The median property tax rate in Elkins, WV is 0.41%, 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 Elkins at $98,500, the typical annual property tax bill amounts to $503, which is well below the national median of $2,690. Property taxes in Elkins are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Elkins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Elkins or another part of Randolph County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elkins, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$404
Ownwell’s Elkins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elkins 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 Elkins, West Virginia
Property taxes in Elkins, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkins is 0.41%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Elkins set these rates annually, and they can vary across different neighborhoods. Each year, Elkins 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 Elkins' effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26241 has the highest and lowest median property tax rate of 0.41%. Understanding how these cities compare with Elkins provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkins Tax Rate
0.41%
Average Randolph County Tax Rate
0.40%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkins, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26241 | 0.30% | 0.40% | 0.41% | 0.55% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Elkins, West Virginia
In Elkins, 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 Randolph 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 Elkins, 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 Elkins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in the zip code 26241 is $503, reflecting the region's property tax landscape.
Average Elkins Assessed Value
$98,500
Average Randolph County Assessed Value
$82,600
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkins, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26241 | $23,400 | $61,300 | $98,500 | $148,200 | $217,340 |
Source: Ownwell
Property Tax Bills Across Elkins, West Virginia
In Elkins, Randolph County, WV, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Elkins experience tax bills that can vary widely; for instance, the tax bill at the 25th percentile is $294, while at the 75th percentile, it reaches $769, and at the 90th percentile, it's $1115. The highest median tax bill recorded in the area is $503 in the 26241 zip code. Several factors influence these tax bills, including the home's market value, local tax rates, and any applicable exemptions. For homeowners, this means that fluctuations in the real estate market or changes in local tax policies can significantly impact their annual property tax expenses. Compared to the national median property tax rate of 0.99%, Elkins homeowners may find their tax rates to be relatively manageable, but individual circumstances can vary widely.
Average Elkins Tax Bill
$503
Average Randolph County Tax Bill
$381
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkins, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26241 | $132 | $294 | $503 | $769 | $1,115 |
Source: Ownwell