Big Creek, West Virginia Property Taxes
The median property tax rate in Big Creek, WV is 0.75%, slightly higher than the West Virginia state median of 0.72% but below the national median of 0.99%. With the median home value in Big Creek at $46,150, the typical annual property tax bill amounts to $284, significantly lower than the national median of $2,690. Property taxes in Big Creek are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Big Creek'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 Big Creek 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 Creek, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$346
Ownwell’s Big Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Creek 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 Creek, West Virginia
Property taxes in Big Creek, West Virginia, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Creek is 0.75%, lower than the U.S. national median of 0.99%. Local government entities within Big Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Creek 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 Creek's effective property tax rate to other areas in Lincoln County and the national median. For comparison, the 25505 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Big Creek provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Creek Tax Rate
0.75%
Average Lincoln County Tax Rate
0.75%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Creek, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25505 | 0.36% | 0.42% | 0.75% | 0.75% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Big Creek, West Virginia
In Big Creek, 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 Lincoln 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. 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 Big Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Big Creek is 25505, with a median tax bill of $284.
Average Big Creek Assessed Value
$46,150
Average Lincoln County Assessed Value
$50,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Creek, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25505 | $18,930 | $37,125 | $46,150 | $70,700 | $75,400 |
Source: Ownwell
Property Tax Bills Across Big Creek, West Virginia
In Big Creek, Lincoln County, WV, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. For instance, with a median home price of $46,150, the tax bill can vary significantly. Homeowners in the 25th percentile might see tax bills around $170, while those in the 75th percentile could pay approximately $447. At the 90th percentile, tax bills can reach up to $606. These figures are influenced by several factors, including property size, location, and any improvements made to the property. Compared to the national median property tax rate of 0.99%, Big Creek's tax rates are relatively modest, making it a potentially attractive area for homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances more effectively.
Average Big Creek Tax Bill
$284
Average Lincoln County Tax Bill
$343
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Creek, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25505 | $103 | $170 | $284 | $447 | $606 |
Source: Ownwell