Elizabeth, West Virginia Property Taxes
The median property tax rate in Elizabeth, WV is 0.66%, which is significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $97,000 in Elizabeth, the typical annual property tax bill is approximately $683, far below the national median of $2,690. Property taxes in Elizabeth are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Elizabeth'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 Elizabeth 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
Elizabeth, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$640
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabeth is 0.66%, 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 counties in West Virginia and the national median. For comparison, the zip code 26143 has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Elizabeth provides valuable insights into the varying tax landscape across Wood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elizabeth Tax Rate
0.66%
Average Wood County Tax Rate
0.66%
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 | 0.48% | 0.63% | 0.66% | 0.66% | 0.66% |
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 local appraisal district 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. 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 has the highest and lowest median tax bill at $683, compared to the national median property tax rate of 0.99%.
Average Elizabeth Assessed Value
$97,000
Average Wood County Assessed Value
$103,100
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 | $19,520 | $45,200 | $97,000 | $156,675 | $193,100 |
Source: Ownwell
Property Tax Bills Across Elizabeth, West Virginia
In Elizabeth, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. The median home price in Elizabeth is $97,000. To determine your tax bill, the assessed value is multiplied by the local tax rate. Various factors influence this calculation, including the home's location, size, and any improvements made. For example, the 25th percentile of tax bills is $355, while the 75th percentile reaches $960, demonstrating the range homeowners might expect. Compared to the national median property tax rate of 0.99%, Elizabeth's tax rate results in varying bills, reflecting the individual characteristics of each property. The highest median tax bill in the area is $683, associated with the zip code 26143. This system ensures that property taxes are proportionate to property values, impacting homeowners by contributing to local services such as schools, infrastructure, and emergency services. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Elizabeth Tax Bill
$683
Average Wood County Tax Bill
$822
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 | $162 | $355 | $683 | $960 | $1,263 |
Source: Ownwell