Craigsville, West Virginia Property Taxes
The median property tax rate in Craigsville, WV is 0.59%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Craigsville at $51,400, the typical annual property tax bill amounts to $283, far below the national median of $2,690. Property taxes in Craigsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Craigsville'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 Craigsville or another part of Nicholas County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Craigsville, 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 Craigsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Craigsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Craigsville 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 Craigsville, West Virginia
Property taxes in Craigsville, West Virginia, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Craigsville is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Craigsville set these rates annually, and they can vary across different neighborhoods. Each year, Craigsville 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 Craigsville's effective property tax rate to other areas in Nicholas County and the national median. For comparison, the zip code 26205 has the highest median property tax rate of 0.59%, while the same zip code also reflects the lowest median tax rate of 0.59%. Understanding how these cities compare with Craigsville provides valuable insights into the varying tax landscape across Nicholas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Craigsville Tax Rate
0.59%
Average Nicholas County Tax Rate
0.59%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Craigsville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26205 | 0.25% | 0.39% | 0.59% | 0.59% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Craigsville, West Virginia
In Craigsville, 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 Nicholas 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 Craigsville, 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 Craigsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Craigsville is $51,400, with tax bills ranging from $147 at the 25th percentile to $615 at the 90th percentile. The highest and lowest median tax bills are both $283 in the 26205 zip code.
Property Tax Assessment Values Across Craigsville, West Virginia
Source: Ownwell
$21,600
$58,400
$95,200
Average Craigsville Assessed Value
$51,400
Average Nicholas County Assessed Value
$56,300
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Craigsville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26205 | $9,300 | $24,600 | $51,400 | $77,750 | $104,160 |
Source: Ownwell
Property Tax Bills Across Craigsville, West Virginia
In Craigsville, Nicholas County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Homeowners then apply the local property tax rate to this assessed value to determine their annual tax bill. For instance, with a median home price of $51,400, the property tax bill can vary significantly. The 25th percentile tax bill in Craigsville is $147, while the 75th percentile tax bill is $447, and the 90th percentile tax bill reaches $615. These variations highlight how property values and specific local tax rates impact the amount homeowners pay. Compared to the national median property tax rate of 0.99%, Craigsville's property tax bills reflect a relatively lower burden on homeowners. However, individual tax bills can still vary widely based on the assessed value of the property and the specific tax rate applied. This system ensures that property taxes are proportionate to the value of the property owned.
Average Craigsville Tax Bill
$283
Average Nicholas County Tax Bill
$332
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Craigsville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26205 | $69 | $147 | $283 | $447 | $615 |
Source: Ownwell