Looneyville, West Virginia Property Taxes
The median property tax rate in Looneyville, WV is 0.53%, 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 Looneyville, the typical annual property tax bill reaches $439, well below the national median of $2,690. Property taxes in Looneyville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Looneyville'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 Looneyville 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
Looneyville, 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 Looneyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Looneyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Looneyville 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 Looneyville, West Virginia
Property taxes in Looneyville, 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 Looneyville stands at 0.53%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Looneyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Looneyville 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 Looneyville's effective property tax rate to other areas in Roane County and the national median. For comparison, the zip code 25259 has both the highest and the lowest median property tax rate in the area, at 0.53%. Understanding how these figures compare with Looneyville provides valuable insights into the varying tax landscape across Roane County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Looneyville Tax Rate
0.53%
Average Roane County Tax Rate
0.53%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Looneyville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25259 | 0.33% | 0.43% | 0.53% | 0.53% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Looneyville, West Virginia
In Looneyville, 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 Roane 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 Looneyville, 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 Looneyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both found in zip code 25259, amounting to $439.
Property Tax Assessment Values Across Looneyville, West Virginia
Source: Ownwell
$21,300
$74,775
$128,250
Average Looneyville Assessed Value
$87,800
Average Roane County Assessed Value
$76,300
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Looneyville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25259 | $24,300 | $48,150 | $87,800 | $131,850 | $186,200 |
Source: Ownwell
Property Tax Bills Across Looneyville, West Virginia
In Looneyville, Roane County, WV, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Homeowners in Looneyville can expect their tax bills to vary significantly depending on their property's value. For instance, the 25th percentile tax bill is around $256, while the 75th percentile tax bill reaches up to $704. At the 90th percentile, homeowners might see tax bills as high as $978. These tax bills are influenced by several factors, including property size, location, and any improvements made to the property. With the national median property tax rate at 0.99%, Looneyville's property tax bills can be considered relatively moderate. This impacts homeowners by affecting their annual expenses and potentially influencing their decisions on property improvements and real estate investments. Understanding these factors is crucial for homeowners to manage their finances effectively and plan for future costs.
Average Looneyville Tax Bill
$439
Average Roane County Tax Bill
$415
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Looneyville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25259 | $129 | $256 | $439 | $704 | $978 |
Source: Ownwell