Stephenson, West Virginia Property Taxes
The median property tax rate in Stephenson, WV is 0.68%, 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 $28,400 in Stephenson, the typical annual property tax bill is $202, significantly below the national median of $2,690. Property taxes in Stephenson are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Stephenson'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 Stephenson 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
Stephenson, 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 Stephenson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stephenson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stephenson 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 Stephenson, West Virginia
Property taxes in Stephenson, 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 Stephenson is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Stephenson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stephenson 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 Stephenson's effective property tax rate to other areas in Wyoming County and the national median. For comparison, the 25928 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Stephenson provides valuable insights into the varying tax landscape across Wyoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stephenson Tax Rate
0.68%
Average Wyoming County Tax Rate
0.68%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stephenson, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25928 | 0.25% | 0.66% | 0.68% | 0.68% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Stephenson, West Virginia
In Stephenson, 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. In Stephenson, 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. For instance, the median home price in Stephenson is $28,400, with tax bills ranging from $124 at the 25th percentile to $803 at the 90th percentile. 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 Stephenson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Stephenson Assessed Value
$28,400
Average Wyoming County Assessed Value
$25,000
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stephenson, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25928 | $7,800 | $16,550 | $28,400 | $55,250 | $101,600 |
Source: Ownwell
Property Tax Bills Across Stephenson, West Virginia
In Stephenson, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the property. The tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as property location, size, and any improvements or renovations can influence the assessed value. Homeowners in Stephenson, located in Wyoming County, WV, experience a range of property tax bills. For instance, the 25th percentile tax bill is $124, while the 75th percentile reaches $410. At the higher end, the 90th percentile tax bill is $803. These figures highlight the variability in tax obligations depending on the property's assessed value. Comparatively, the median property tax rate in Stephenson is influenced by the state and local policies, and it can significantly impact homeowners' annual expenses. Understanding these factors is crucial for residents to manage their financial planning effectively.
Average Stephenson Tax Bill
$202
Average Wyoming County Tax Bill
$190
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Stephenson, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25928 | $51 | $124 | $202 | $410 | $803 |
Source: Ownwell