Bolt, West Virginia Property Taxes
The median property tax rate in Bolt, WV is 0.72%, on par with the West Virginia state median but lower than the national median of 0.99%. With the median home value in Bolt at $53,100, the typical annual property tax bill is $304, significantly below the national median of $2,690. Property taxes in Bolt are determined based on the tax assessed value, which is generally lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Bolt's property tax system, understanding available exemptions, and seeking potential reductions can lead to substantial yearly savings. Whether you're in the heart of Bolt or another part of Raleigh County, gaining insight into the local property tax framework will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bolt, 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 BOLT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BOLT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BOLT 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 Bolt, West Virginia
Property taxes in Bolt, 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 Bolt is 0.72%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Bolt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bolt 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 Bolt's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 25817 has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Bolt provides valuable insights into the varying tax landscape across Raleigh County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bolt Tax Rate
0.72%
Average Raleigh County Tax Rate
0.72%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bolt, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25817 | 0.22% | 0.38% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Bolt, West Virginia
In Bolt, 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 Raleigh 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 Bolt, 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 Bolt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bolt is $53,100, with the tax bills ranging from $152 at the 25th percentile to $828 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 25817, with a value of $304.
Average Bolt Assessed Value
$53,100
Average Raleigh County Assessed Value
$52,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bolt, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25817 | $15,200 | $32,900 | $53,100 | $80,500 | $116,340 |
Source: Ownwell
Property Tax Bills Across Bolt, West Virginia
In BOLT, Raleigh County, WV, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For homeowners in BOLT, the median home price is $53,100. The property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For instance, tax bills in BOLT range significantly, with the 25th percentile at $152 and the 90th percentile reaching up to $828. The median tax bill in the county stands at $304, which is considerably lower than the national median property tax rate of 0.99%. This relatively low property tax rate can provide significant financial relief to homeowners, making BOLT an attractive location for those looking to minimize their annual property tax burden.
Average Bolt Tax Bill
$304
Average Raleigh County Tax Bill
$419
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Bolt, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25817 | $66 | $152 | $304 | $509 | $828 |
Source: Ownwell