Kingmont, West Virginia Property Taxes
The median property tax rate in Kingmont, WV is 0.78%, slightly higher than the state median of 0.72% but lower than the national median of 0.99%. With the median home value in Kingmont, the typical annual property tax bill reaches $844, significantly below the national median of $2,690. Property taxes in Kingmont 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 Kingmont'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 Kingmont 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
Kingmont, 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 Kingmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kingmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kingmont 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 Kingmont, West Virginia
Property taxes in Kingmont, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kingmont is 0.58%, which is significantly lower than both the West Virginia state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Kingmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kingmont 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 Kingmont's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26578 has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these cities compare with Kingmont provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kingmont Tax Rate
0.78%
Average Marion County Tax Rate
0.74%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kingmont, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26578 | 0.53% | 0.63% | 0.78% | 1.56% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Kingmont, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Kingmont, West Virginia. The market value represents 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 local appraisal district 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 Kingmont, 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 Kingmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 26578 has both the highest and lowest median tax bill, both valued at $844, highlighting the uniformity in tax assessments within the area.
Average Kingmont Assessed Value
$96,900
Average Marion County Assessed Value
$104,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kingmont, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26578 | $18,600 | $59,700 | $96,900 | $151,100 | $180,920 |
Source: Ownwell
Property Tax Bills Across Kingmont, West Virginia
In Kingmont, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value typically reflects a percentage of the market value of the property. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the size of the property, the condition of the home, and recent sales of comparable properties in the area. Homeowners in Kingmont can expect their tax bills to vary widely. For instance, those in the 25th percentile pay around $432 annually, while those in the 75th percentile face a tax bill of approximately $1,228. The 90th percentile sees even higher bills, up to $1,672. Compared to the national median property tax rate of 0.99%, Kingmont's property tax rates can significantly impact homeowners, affecting their overall housing costs and financial planning.
Average Kingmont Tax Bill
$844
Average Marion County Tax Bill
$886
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Kingmont, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26578 | $241 | $432 | $844 | $1,228 | $1,672 |
Source: Ownwell