Neola, West Virginia Property Taxes
The median property tax rate in Neola, 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 Neola, the typical annual property tax bill reaches $165, well below the national median of $2,690. Property taxes in Neola 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 Neola'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 Neola or another part of Greenbrier County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Neola, West Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,440
Ownwell’s Neola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Neola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Neola 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 Neola, West Virginia
Property taxes in Neola, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Neola is 0.57%, significantly lower than the U.S. national median of 0.99%. Local government entities within Neola set these rates annually, and they can vary across different neighborhoods. Each year, Neola 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 Neola's effective property tax rate to other areas in Greenbrier County and the national median. For comparison, the zip code 24986 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 Neola 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 Neola 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 Neola, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24986 | 0.57% | 0.57% | 0.57% | 0.86% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Neola, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Neola, West Virginia. 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'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 Neola, 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. The median home price in Neola is $28,800, with tax bills ranging from $141 at the 25th percentile to $422 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Neola Assessed Value
$28,800
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 Neola, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24986 | $22,000 | $24,550 | $28,800 | $35,600 | $39,680 |
Source: Ownwell
Property Tax Bills Across Neola, West Virginia
In Neola, Greenbrier County, WV, property tax bills are calculated based on the assessed value of your home. The local tax rate is applied to this assessed value to determine the tax bill. For example, if your home’s assessed value is $28,800, the tax rate will be applied to this value to calculate your annual property tax bill. Various factors such as property location, home size, and market conditions influence the assessed value. Homeowners in Neola can expect their tax bills to vary significantly. The 25th percentile tax bill is around $141, while the 75th percentile reaches $325, and the 90th percentile can go up to $422. This variation shows how property value differences impact tax obligations. Compared to the national median property tax rate of 0.99%, Neola's tax rates are relatively moderate, making it a more affordable option for homeowners. Understanding these factors can help homeowners better anticipate their annual property tax expenses and plan their finances accordingly.
Average Neola Tax Bill
$165
Average Greenbrier County Tax Bill
$454
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Neola, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24986 | $126 | $141 | $165 | $325 | $422 |
Source: Ownwell