Benwood, West Virginia Property Taxes
The median property tax rate in Benwood, WV is 0.80%, slightly lower than the national median of 0.99% but higher than the West Virginia state median of 0.72%. With the median home value in Benwood at $46,300, the typical annual property tax bill amounts to $361, which is significantly below the national median of $2,690. Property taxes in Benwood are calculated based on the assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Navigating Benwood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Benwood or another part of Marshall County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Benwood, 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 Benwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benwood 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 Benwood, West Virginia
Property taxes in Benwood, 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 Benwood is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Benwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benwood 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 Benwood's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26031 in Marshall County has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Benwood provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benwood Tax Rate
0.80%
Average Marshall County Tax Rate
0.60%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benwood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26031 | 0.29% | 0.60% | 0.80% | 1.21% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Benwood, West Virginia
In Benwood, 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 Marshall 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 Benwood, 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 Benwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 26031, with a value of $361.
Average Benwood Assessed Value
$46,300
Average Marshall County Assessed Value
$76,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benwood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26031 | $12,400 | $30,950 | $46,300 | $64,250 | $92,400 |
Source: Ownwell
Property Tax Bills Across Benwood, West Virginia
In Benwood, located in Marshall County, WV, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. Homeowners in Benwood can expect their property tax bills to vary significantly depending on the value of their homes. For instance, homes in the 25th percentile have tax bills around $190, while those in the 75th percentile face bills of approximately $560. At the higher end, the 90th percentile tax bills can reach up to $787. These tax bills are influenced by multiple factors, including the property's location, size, and any improvements made to it. Compared to the national median property tax rate of 0.99%, Benwood's property tax rates can be considered relatively moderate. Understanding how these factors contribute to the overall tax bill is crucial for homeowners, as it directly impacts their annual expenses and budgeting.
Average Benwood Tax Bill
$361
Average Marshall County Tax Bill
$513
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Benwood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26031 | $77 | $190 | $361 | $560 | $787 |
Source: Ownwell