Frankford, West Virginia Property Taxes
The median property tax rate in Frankford, WV is 0.57%, 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 Frankford at $78,300, the typical annual property tax bill is $417, significantly below the national median of $2,690. Property taxes in Frankford 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 Frankford'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 Frankford 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
Frankford, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$446
Ownwell’s Frankford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frankford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankford 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 Frankford, West Virginia
Property taxes in Frankford, West Virginia, play an essential role in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankford is 0.57%, which is lower than the U.S. national median of 0.99%. Local government entities within Frankford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frankford 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 Frankford's effective property tax rate to other areas in Greenbrier County and the national median. For comparison, the zip code 24938 has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these areas compare with Frankford provides valuable insights into the varying tax landscape across Greenbrier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankford Tax Rate
0.57%
Average Greenbrier County Tax Rate
0.57%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankford, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24938 | 0.32% | 0.46% | 0.57% | 0.57% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Frankford, West Virginia
In Frankford, 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 Greenbrier 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 Frankford, 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 Frankford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $417 in the 24938 zip code, which is also the lowest median tax bill.
Average Frankford Assessed Value
$78,300
Average Greenbrier County Assessed Value
$70,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frankford, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24938 | $20,820 | $47,125 | $78,300 | $126,000 | $190,160 |
Source: Ownwell
Property Tax Bills Across Frankford, West Virginia
In Frankford, Greenbrier 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 of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For instance, the median home price in Frankford is $78,300, which serves as a baseline for many homeowners. Property tax bills vary widely, with the 25th percentile at $233 and the 75th percentile at $719. The 90th percentile sees tax bills as high as $1,094, reflecting the differences in property values and characteristics within the region. Homeowners in Frankford benefit from relatively low property tax rates compared to the national median of 0.99%. This means that owning property in Frankford can be more affordable, allowing residents to allocate more of their budget to other expenses.
Average Frankford Tax Bill
$417
Average Greenbrier County Tax Bill
$454
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankford, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24938 | $110 | $233 | $417 | $719 | $1,094 |
Source: Ownwell