Big Springs, Gilmer County, West Virginia Property Taxes
The median property tax rate in Big Springs, WV is 0.56%, considerably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Big Springs at $54,300, the typical annual property tax bill reaches $316, significantly below the national median of $2,690. Property taxes in Big Springs are calculated based on the tax assessed value, which typically 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, Gilmer County, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$304
$282
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, Gilmer County, West Virginia
Property taxes in Big Springs, 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 Big Springs is 0.56%, which is lower than 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 0.56%. Understanding how these cities compare with Big Springs provides valuable insights into the varying tax landscape across Gilmer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Springs Tax Rate
0.56%
Average Gilmer County Tax Rate
0.56%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Springs, Gilmer County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26137 | 0.36% | 0.56% | 0.56% | 0.56% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Big Springs, Gilmer County, 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 Gilmer County Assessor's Office 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. For instance, the median home price in Big Springs is $54,300, with tax bills ranging from $190 at the 25th percentile to $722 at the 90th percentile. The zip code 26137 has both the highest and lowest median tax bill at $316. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Big Springs, Gilmer County, West Virginia
Source: Ownwell
$43,700
$57,375
$71,050
Average Big Springs Assessed Value
$54,300
Average Gilmer County Assessed Value
$54,050
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Springs, Gilmer County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26137 | $9,840 | $27,100 | $54,300 | $90,400 | $123,960 |
Source: Ownwell
Property Tax Bills Across Big Springs, Gilmer County, West Virginia
In Big Springs, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor's office. The assessed value is typically a percentage of the market value of the property. Homeowners in Big Springs, located in Gilmer County, WV, can expect to pay property taxes that reflect the county's median tax rate. The median home price in Big Springs is $54,300, and the property tax bills vary significantly within the area. For instance, the 25th percentile tax bill is approximately $190, while the 75th percentile tax bill is around $511. At the 90th percentile, homeowners might see tax bills as high as $722. These figures demonstrate the range of property tax obligations in the region, which can significantly impact homeowners' finances. Compared to the national median property tax rate of 0.99%, property taxes in Big Springs can be considered relatively moderate, making it an attractive location for homeowners seeking lower property tax burdens.
Average Big Springs Tax Bill
$316
Average Gilmer County Tax Bill
$350
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Springs, Gilmer County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26137 | $96 | $190 | $316 | $511 | $722 |
Source: Ownwell