Ravenswood, West Virginia Property Taxes
The median property tax rate in Ravenswood, WV is 0.66%, which is notably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $121,200 in Ravenswood, the typical annual property tax bill amounts to $728, significantly below the national median of $2,690. Property taxes in Ravenswood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Ravenswood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Ravenswood 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
Ravenswood, 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 Ravenswood Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Ravenswood. By simply entering your property's estimated assessed value, the calculator uses the median tax rate for Ravenswood to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. The assessed value of your property is determined by the county for tax calculations and includes any applicable exemptions.
Property Tax Rates Across Ravenswood, West Virginia
Property taxes in Ravenswood, 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 Ravenswood is 0.55%, significantly lower than both the West Virginia state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Ravenswood set these rates annually, and they can vary across different neighborhoods. Each year, Ravenswood 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 Ravenswood's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25264 zip code has the highest median property tax rate of 0.55%, while the 25264 zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Ravenswood provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ravenswood 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 Ravenswood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26164 | 0.45% | 0.56% | 0.66% | 0.66% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Ravenswood, West Virginia
In Ravenswood, 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 Wood County 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. In Ravenswood, 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 Ravenswood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 26164 has the highest median tax bill of $728.00, which is significantly lower than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Ravenswood, West Virginia
Source: Ownwell
$21,500
$82,725
$143,950
Average Ravenswood Assessed Value
$121,200
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 Ravenswood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26164 | $20,000 | $59,950 | $121,200 | $161,600 | $212,300 |
Source: Ownwell
Property Tax Bills Across Ravenswood, West Virginia
In Ravenswood, WV, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Ravenswood stands at $121,200. Property taxes are then determined by applying the local tax rate to this assessed value. Factors such as the size of the property, its location, and any improvements made can influence the assessed value and, consequently, the tax bill. Homeowners in Ravenswood can expect varied tax bills depending on their property’s assessed value. For instance, tax bills at the 25th percentile are around $431, while those at the 75th percentile reach approximately $974. At the 90th percentile, homeowners might see tax bills as high as $1,360. These figures illustrate how property taxes can significantly impact household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly, ensuring they are better prepared for their financial responsibilities.
Average Ravenswood Tax Bill
$728
Average Wood County Tax Bill
$822
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Ravenswood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26164 | $212 | $431 | $728 | $974 | $1,360 |
Source: Ownwell