Parsons, West Virginia Property Taxes
The median property tax rate in Parsons, WV is 0.40%, 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 Parsons at $67,700, the typical annual property tax bill is $313, which is well below the national median of $2,690. Property taxes in Parsons are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Parsons' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Parsons or another part of Tucker County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Parsons, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$271
Ownwell’s Parsons Property Tax Bill Calculator assists homeowners, real estate investors, and prospective buyers in estimating their annual property taxes in Parsons with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Parsons to estimate your property tax bill. This valuable 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 Tucker County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Parsons, West Virginia
Property taxes in Parsons, 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 Parsons is 0.40%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Parsons set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parsons 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 Parsons' effective property tax rate to other counties in West Virginia and the national median. For comparison, the highest median property tax rate in the region is significantly higher, while the lowest median tax rate is notably lower. Understanding how these cities compare with Parsons provides valuable insights into the varying tax landscape across Tucker County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parsons Tax Rate
0.40%
Average Tucker County Tax Rate
0.40%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parsons, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26287 | 0.27% | 0.40% | 0.40% | 0.54% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Parsons, West Virginia
In Parsons, 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 Tucker 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 Parsons, 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 Parsons helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Parsons is $67,700, with the highest median tax bill in zip code 26287 being $313, and the lowest median tax bill also in the same zip code being $313.
Average Parsons Assessed Value
$67,700
Average Tucker County Assessed Value
$90,400
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parsons, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26287 | $10,090 | $33,600 | $67,700 | $100,575 | $143,110 |
Source: Ownwell
Property Tax Bills Across Parsons, West Virginia
In Parsons, located in Tucker 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 then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For instance, the median home price in Parsons is $67,700, and homeowners in the area can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $155, while they can reach up to $684 at the 90th percentile. The highest median tax bill recorded in the area is $313, which is notably lower than the national median property tax rate of 0.99%. These property taxes fund essential local services such as public schools, infrastructure, and emergency services, directly impacting the quality of life and property values in Parsons. Homeowners must stay informed about their property assessments and any potential changes in tax rates to manage their financial obligations effectively.
Average Parsons Tax Bill
$313
Average Tucker County Tax Bill
$451
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Parsons, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26287 | $65 | $155 | $313 | $470 | $684 |
Source: Ownwell