Talcott, West Virginia Property Taxes
The median property tax rate in Talcott, WV is 0.63%, which is notably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Talcott at $78,700, the typical annual property tax bill amounts to $500, significantly below the national median of $2,690. Property taxes in Talcott 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 Talcott'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 Talcott or another part of Monroe County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Talcott, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$496
Ownwell’s Talcott Property Tax Bill Calculator helps homeowners, real estate investors, and potential buyers estimate their annual property taxes in Talcott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Talcott 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 Monroe County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Talcott, West Virginia
Property taxes in Talcott, West Virginia, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Talcott is 0.63%, which is below the U.S. national median of 0.99%. Local government entities within Talcott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Talcott 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. Understanding how Talcott's effective property tax rate compares to other areas within Monroe County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Talcott Tax Rate
0.63%
Average Monroe County Tax Rate
0.63%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Talcott, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24981 | 0.63% | 0.63% | 0.63% | 0.64% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Talcott, West Virginia
In Talcott, 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 Monroe 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 Talcott, 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 Talcott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 24981 has both the highest and lowest median tax bill at $500.
Average Talcott Assessed Value
$78,700
Average Monroe County Assessed Value
$74,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Talcott, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24981 | $10,920 | $43,200 | $78,700 | $90,200 | $107,540 |
Source: Ownwell
Property Tax Bills Across Talcott, West Virginia
In Talcott, property tax bills are determined by assessing the value of a home and applying the local tax rate to this assessed value. The median home price in Talcott is $78,700, which provides a baseline for calculating property taxes. Homeowners in this region can expect their tax bills to vary significantly depending on the assessed value of their property and the specific tax rate applied by Monroe County. Factors such as property size, location, and any improvements made to the home can influence the assessed value. For instance, tax bills in Talcott range widely, with the 25th percentile at $274 and the 75th percentile at $636. At the 90th percentile, tax bills can reach up to $965. Compared to the national median property tax rate of 0.99%, Talcott's rates may present a relatively lower or comparable burden for homeowners. These variations can significantly impact a homeowner's annual budget, making it crucial for residents to understand how their property taxes are calculated.
Average Talcott Tax Bill
$500
Average Monroe County Tax Bill
$436
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Talcott, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24981 | $69 | $274 | $500 | $636 | $965 |
Source: Ownwell