Elizabeth, West Virginia Property Taxes
The median property tax rate in Elizabeth, WV is 0.72%, aligning with the state median but lower than the national median of 0.99%. With a median home value of $50,750, the typical annual property tax bill in Elizabeth is $341, significantly below the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. By understanding Elizabeth's property tax system, exploring available exemptions, and finding opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in the heart of Elizabeth or another part of Wirt County, gaining insight into the local property tax system is essential for financial planning and investment strategies.
Last Updated June 14, 2024
Elizabeth, 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 Elizabeth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabeth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabeth 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 Elizabeth, West Virginia
Property taxes in Elizabeth, 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 Elizabeth is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Elizabeth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabeth 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 Elizabeth's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 26143 has both the highest and the lowest median property tax rate of 0.72%. Understanding how these cities compare with Elizabeth provides valuable insights into the varying tax landscape across Wirt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elizabeth Tax Rate
0.72%
Average Wirt County Tax Rate
0.72%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabeth, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26143 | 0.36% | 0.72% | 0.72% | 0.72% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Elizabeth, West Virginia
In Elizabeth, 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 Wirt 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 Elizabeth, 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 Elizabeth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 26143 in Elizabeth has the highest and lowest median tax bill, both at $341.
Average Elizabeth Assessed Value
$50,750
Average Wirt County Assessed Value
$51,900
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elizabeth, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26143 | $11,070 | $25,250 | $50,750 | $84,475 | $127,430 |
Source: Ownwell
Property Tax Bills Across Elizabeth, West Virginia
In Elizabeth, located in Wirt County, WV, property tax bills are calculated based on the assessed value of a property. The assessed value is a percentage of the market value, determined by local assessors. Homeowners in Elizabeth typically see a range of property tax bills, from the 25th percentile at $166 to the 75th percentile at $610, with the 90th percentile reaching $938. These figures highlight the variation in property tax burdens within the community. Factors that influence the tax bill include the property's assessed value, the local tax rate, and any applicable exemptions. For instance, the median home price in Elizabeth is $50,750, which serves as a baseline for calculating the assessed value. Compared to the national median property tax rate of 0.99%, Elizabeth's property taxes can be relatively manageable, yet they still significantly impact homeowners. Understanding these factors is crucial for homeowners aiming to manage their property tax liabilities effectively.
Average Elizabeth Tax Bill
$341
Average Wirt County Tax Bill
$340
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabeth, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26143 | $68 | $166 | $341 | $610 | $938 |
Source: Ownwell