Simpson, West Virginia Property Taxes
The median property tax rate in Simpson, WV is 1.19%, notably higher than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Simpson at $18,800, the typical annual property tax bill reaches $195, which is significantly below the national median of $2,690. Property taxes in Simpson are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Simpson'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 Simpson 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
Simpson, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$224
Ownwell’s Simpson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Simpson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Simpson 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 Simpson, West Virginia
Property taxes in Simpson, 54091, WV, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Simpson is 0.57%, lower than both the West Virginia state median of 0.59% and the U.S. national median of 0.99%. Local government entities within Simpson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Simpson 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 Simpson's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26554 zip code has the highest median property tax rate of 0.57%, while the 26554 zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Simpson provides valuable insights into the varying tax landscape across 54091, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Simpson Tax Rate
1.19%
Average Taylor County Tax Rate
0.59%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Simpson, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26435 | 0.78% | 1.04% | 1.19% | 1.19% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Simpson, West Virginia
In Simpson, 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 Taylor 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 Simpson, 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 Simpson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Simpson's highest and lowest median tax bills are both $195, found in zip code 26435.
Average Simpson Assessed Value
$18,800
Average Taylor County Assessed Value
$85,250
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Simpson, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26435 | $14,460 | $17,700 | $18,800 | $30,000 | $51,180 |
Source: Ownwell
Property Tax Bills Across Simpson, West Virginia
In Simpson, Taylor County, WV, property tax bills are calculated based on the assessed value of your home. The assessed value is a percentage of the market value, which is determined by the county assessor. Once the assessed value is established, the local tax rate, or millage rate, is applied. This rate is decided by local government entities and school districts to fund public services. For homeowners in Simpson, the median home price is $18,800. Property tax bills can vary significantly, with the 25th percentile tax bill at $172 and the 75th percentile at $351. At the 90th percentile, tax bills can reach $606. Comparatively, the median property tax rate in Simpson is lower than the national median of 0.99%, making it relatively affordable for homeowners. These property taxes fund essential services like education, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average Simpson Tax Bill
$195
Average Taylor County Tax Bill
$583
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Simpson, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26435 | $156 | $172 | $195 | $351 | $606 |
Source: Ownwell