Griffithsville, West Virginia Property Taxes
The median property tax rate in Griffithsville, WV is 0.75%, which is lower than the national median of 0.99% but slightly higher than the West Virginia state median of 0.72%. With a median home value of $57,200 in Griffithsville, the typical annual property tax bill amounts to $386, significantly below the national median of $2,690. Property taxes in Griffithsville are calculated based on the tax assessed value, which often falls below market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Griffithsville'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 Griffithsville or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Griffithsville, 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 Griffithsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Griffithsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Griffithsville 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 Griffithsville, West Virginia
Property taxes in Griffithsville, 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 Griffithsville is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Griffithsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Griffithsville 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 Griffithsville's effective property tax rate to other counties in West Virginia and the national median. For comparison, the ZIP code 25521 has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Griffithsville 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 Griffithsville 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 Griffithsville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25521 | 0.30% | 0.50% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Griffithsville, West Virginia
In Griffithsville, 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. In Griffithsville, 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 Griffithsville is $57,200, with tax bills ranging from $222 at the 25th percentile to $966 at the 90th percentile. The highest and lowest median tax bill in the area is $386, found in the 25521 zip code. 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 Griffithsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Griffithsville, West Virginia
Source: Ownwell
$38,400
$63,200
$88,000
Average Griffithsville Assessed Value
$57,200
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 Griffithsville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25521 | $22,700 | $34,600 | $57,200 | $91,700 | $129,640 |
Source: Ownwell
Property Tax Bills Across Griffithsville, West Virginia
In Griffithsville, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county's tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $57,200, homeowners can expect varying tax bills depending on their property's specific assessed value and applicable exemptions. Several factors influence the tax bill, including the property's market value, any applicable exemptions, and the local tax rate. For example, the 25th percentile tax bill in Griffithsville is approximately $222, while the 75th percentile reaches around $611. The highest median tax bill recorded in the area is $386, indicating a significant range based on property characteristics and exemptions. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to community development and quality of life. Compared to the national median property tax rate of 0.99%, Griffithsville's rates are relatively moderate, making it an affordable place for homeowners.
Average Griffithsville Tax Bill
$386
Average Lincoln County Tax Bill
$343
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Griffithsville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25521 | $95 | $222 | $386 | $611 | $966 |
Source: Ownwell