Big Springs, West Virginia Property Taxes
The median property tax rate in Big Springs, West Virginia, is 0.50%, 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 $50,300 in Big Springs, the typical annual property tax bill is about $222, which is well below the national median of $2,690. Property taxes in Big Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Big Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Big Springs 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
Big Springs, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$252
Ownwell’s BIG SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BIG SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BIG SPRINGS 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 Big Springs, West Virginia
Property taxes in Big Springs, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Springs is 0.50%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Big Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Springs 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 Big Springs' effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26137 has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Big Springs provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Springs Tax Rate
0.50%
Average Calhoun County Tax Rate
0.50%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Springs, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26137 | 0.20% | 0.30% | 0.50% | 0.50% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Big Springs, West Virginia
In Big Springs, 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 Calhoun 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 Big Springs, 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 Big Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 26137 has the highest median tax bill at $222, while the lowest median tax bill is also in the same zip code at $222.
Property Tax Assessment Values Across Big Springs, West Virginia
Source: Ownwell
$38,700
$53,850
$69,000
Average Big Springs Assessed Value
$50,300
Average Calhoun County Assessed Value
$50,300
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Springs, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26137 | $20,300 | $33,900 | $50,300 | $73,200 | $105,400 |
Source: Ownwell
Property Tax Bills Across Big Springs, West Virginia
In Big Springs, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For instance, in Big Springs, the median home price is $50,300, and property tax bills can range significantly. The 25th percentile tax bill is $137, while the 75th percentile tax bill reaches $344, and the 90th percentile tax bill can go up to $530. Homeowners in Big Springs must budget for these property taxes, which can impact their overall financial planning. Compared to the national median property tax rate of 0.99%, Big Springs offers relatively affordable property taxes, making it a potentially attractive location for homeowners looking for lower tax burdens.
Average Big Springs Tax Bill
$222
Average Calhoun County Tax Bill
$231
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Springs, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26137 | $67 | $137 | $222 | $344 | $530 |
Source: Ownwell