Summit Point, West Virginia Property Taxes
The median property tax rate in Summit Point, WV is 0.70%, which is lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Summit Point at $308,300, the typical annual property tax bill amounts to $2,128, falling below the national median of $2,690. Property taxes in Summit Point are calculated based on the tax assessed value, which often is less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Summit Point'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 Summit Point 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
Summit Point, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$2,158
Ownwell’s Summit Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summit Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summit Point 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 Jefferson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Summit Point, West Virginia
Property taxes in Summit Point, West Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Summit Point is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Summit Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summit Point 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 Summit Point's effective property tax rate to other areas in Jefferson County and the national median. For comparison, the zip code 25446 has both the highest and lowest median property tax rate of 0.70%. Understanding how these areas compare with Summit Point provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summit Point Tax Rate
0.70%
Average Jefferson County Tax Rate
0.70%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summit Point, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25446 | 0.60% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Summit Point, West Virginia
In Summit Point, 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 Jefferson 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 Summit Point, 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 Summit Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both recorded at $2,128 in the 25446 zip code, highlighting the uniformity in tax assessments.
Property Tax Assessment Values Across Summit Point, West Virginia
Source: Ownwell
$121,900
$238,400
$354,900
Average Summit Point Assessed Value
$308,300
Average Jefferson County Assessed Value
$267,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summit Point, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25446 | $102,600 | $179,900 | $308,300 | $411,900 | $490,000 |
Source: Ownwell
Property Tax Bills Across Summit Point, West Virginia
In Summit Point, Jefferson County, WV, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate the property's market value. Homeowners in Summit Point can expect their tax bills to vary significantly depending on their property's assessed value and the local tax rate. For example, the median home price in Summit Point is $308,300. Property tax bills in this area range widely, with the 25th percentile at $1,310 and the 75th percentile at $2,866. At the higher end, the 90th percentile tax bill reaches $3,457. Interestingly, the highest and lowest median tax bills in Summit Point are both recorded at $2,128 in the zip code 25446, reflecting a consistent tax burden across different property values. Compared to the national median property tax rate of 0.99%, homeowners in Summit Point experience a varied tax landscape that can significantly impact their annual financial planning. Understanding these factors is crucial for homeowners who want to manage their property tax liabilities effectively.
Average Summit Point Tax Bill
$2,128
Average Jefferson County Tax Bill
$2,072
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Summit Point, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25446 | $748 | $1,310 | $2,128 | $2,866 | $3,457 |
Source: Ownwell