Coxs Mills, West Virginia Property Taxes
The median property tax rate in Coxs Mills, WV is 0.56%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Coxs Mills at $64,750, the typical annual property tax bill comes to $402, much less than the national median of $2,690. Property taxes in Coxs Mills are calculated based on the assessed value, which tends to be lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Coxs Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Coxs Mills or another part of Gilmer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Coxs Mills, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$363
Ownwell’s COXS MILLS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in COXS MILLS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in COXS MILLS 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 Coxs Mills, West Virginia
Property taxes in Coxs Mills, 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 Coxs Mills is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within the area set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coxs Mills 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 Coxs Mills' effective property tax rate to other areas in Gilmer County and the national median. For comparison, the zip code 26342 has both the highest and lowest median property tax rate of 0.56%. Understanding how these areas compare with Coxs Mills 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 Coxs Mills 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 Coxs Mills, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26342 | 0.33% | 0.56% | 0.56% | 0.72% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Coxs Mills, West Virginia
In Coxs Mills, 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 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 Coxs Mills, 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 Coxs Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the median home price in Coxs Mills is $64,750, with annual tax bills ranging from $208 at the 25th percentile to $923 at the 90th percentile. The highest and lowest median tax bills are both in the 26342 zip code, at $402.
Average Coxs Mills Assessed Value
$64,750
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 Coxs Mills, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26342 | $5,790 | $32,575 | $64,750 | $96,625 | $140,640 |
Source: Ownwell
Property Tax Bills Across Coxs Mills, West Virginia
In Coxs Mills, Gilmer County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value typically represents a percentage of the market value, and this figure is then multiplied by the local tax rate to compute the tax bill. For example, with a median home price of $64,750, homeowners might expect varying tax bills depending on the precise assessed value and applicable exemptions. Factors influencing the tax bill include the home's assessed value, local tax rates, and any eligible exemptions or deductions. Homeowners in Coxs Mills can see tax bills ranging from $208 at the 25th percentile to $923 at the 90th percentile. The highest median tax bill in the area is $402, which is significantly lower than the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable in Coxs Mills, providing financial relief compared to other regions with higher property tax rates.
Average Coxs Mills Tax Bill
$402
Average Gilmer County Tax Bill
$350
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Coxs Mills, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26342 | $74 | $208 | $402 | $563 | $923 |
Source: Ownwell