Follansbee, West Virginia Property Taxes
The median property tax rate in Follansbee, WV is 0.80%, which is lower than the national median of 0.99% but higher than the West Virginia state median of 0.72%. With a median home value of $66,900 in Follansbee, the typical annual property tax bill amounts to $514, significantly below the national median of $2,690. Property taxes in Follansbee 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 Follansbee'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 Follansbee 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
Follansbee, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$535
Ownwell’s Follansbee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Follansbee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Follansbee 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 Follansbee, West Virginia
Property taxes in Follansbee, WV, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Follansbee is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Follansbee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Follansbee 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 Follansbee's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26037 has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Follansbee provides valuable insights into the varying tax landscape across Brooke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Follansbee Tax Rate
0.80%
Average Brooke County Tax Rate
0.80%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Follansbee, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26037 | 0.41% | 0.58% | 0.80% | 0.95% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Follansbee, West Virginia
In Follansbee, 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 Brooke 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 Follansbee, 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. Understanding the distinction between these valuation concepts allows property owners to better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the highest median tax bill in the area is $514 in the 26037 zip code. By being aware of these valuation processes, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Property Tax Assessment Values Across Follansbee, West Virginia
Source: Ownwell
$21,400
$65,300
$109,200
Average Follansbee Assessed Value
$66,900
Average Brooke County Assessed Value
$65,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Follansbee, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26037 | $20,600 | $41,450 | $66,900 | $93,350 | $130,620 |
Source: Ownwell
Property Tax Bills Across Follansbee, West Virginia
In Follansbee, located in Brooke County, WV, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The tax rate, or millage rate, is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, impacting the overall tax bill. For example, with a median home price of $66,900, homeowners in Follansbee might see tax bills varying significantly. The 25th percentile tax bill is around $307, while the 75th percentile reaches $780, and the 90th percentile can go up to $1,155. Compared to the national median property tax rate of 0.99%, Follansbee's property tax bills reflect a relatively modest burden on homeowners. These differences illustrate how local assessments and tax rates can influence the financial responsibilities of homeowners, making it essential for them to understand their specific tax obligations.
Average Follansbee Tax Bill
$514
Average Brooke County Tax Bill
$517
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Follansbee, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26037 | $138 | $307 | $514 | $780 | $1,155 |
Source: Ownwell