Colcord, West Virginia Property Taxes
The median property tax rate in Colcord, WV is 0.72%, aligning with the state median but lower than the national median of 0.99%. With a median home value of $22,300 in Colcord, the typical annual property tax bill is $155, significantly below the national median of $2,690. Property taxes in Colcord are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Colcord'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 Colcord or another part of Raleigh County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colcord, 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 Colcord Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colcord with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colcord 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 Colcord, West Virginia
Property taxes in Colcord, 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 Colcord is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Colcord set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colcord 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 Colcord's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 25048 has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these areas compare with Colcord 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 Colcord 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 Colcord, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25048 | 0.30% | 0.72% | 0.72% | 0.72% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Colcord, West Virginia
In Colcord, 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 Colcord, 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 Colcord helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $155 in the zip code 25048, highlighting the importance of staying informed and proactive.
Average Colcord Assessed Value
$22,300
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 Colcord, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25048 | $4,160 | $10,750 | $22,300 | $31,800 | $50,320 |
Source: Ownwell
Property Tax Bills Across Colcord, West Virginia
In Colcord, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in Colcord, located in Raleigh County, can expect varying tax bills depending on their property's assessed value and applicable tax rates. For instance, the median home price in Colcord is $22,300. Tax bills in this area range significantly, with the 25th percentile at $74 and the 75th percentile at $251, indicating that most homeowners pay within this range. At the 90th percentile, tax bills can reach up to $416, reflecting higher-valued properties or additional assessments. Compared to the national median property tax rate of 0.99%, Raleigh County offers relatively affordable property taxes. This has a direct impact on homeowners, as lower tax bills can make homeownership more accessible and less financially burdensome, while still contributing to essential public services funded by these taxes.
Average Colcord Tax Bill
$155
Average Raleigh County Tax Bill
$419
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Colcord, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25048 | $28 | $74 | $155 | $251 | $416 |
Source: Ownwell