Cool Ridge, West Virginia Property Taxes
The median property tax rate in Cool Ridge, WV is 0.41%, 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 Cool Ridge at $158,900, the typical annual property tax bill is $623, well below the national median of $2,690. Property taxes in Cool Ridge 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 Cool Ridge'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 Cool Ridge or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cool Ridge, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$651
Ownwell’s COOL RIDGE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in COOL RIDGE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in COOL RIDGE 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 Cool Ridge, West Virginia
Property taxes in Cool Ridge, 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 Cool Ridge is 0.41%, which is lower than the U.S. national median of 0.99%. Local government entities within Cool Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cool Ridge 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 Cool Ridge's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25825 zip code has the highest median property tax rate of 0.41%, while the same 25825 zip code also has the lowest median tax rate of 0.41%. Understanding how these cities compare with Cool Ridge provides valuable insights into the varying tax landscape across Summers County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cool Ridge Tax Rate
0.41%
Average Summers County Tax Rate
0.41%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cool Ridge, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25825 | 0.33% | 0.37% | 0.41% | 0.41% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Cool Ridge, West Virginia
In Cool Ridge, 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 Summers County Appraisal District 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. Assessment notices in Cool Ridge 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 Cool Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 25825 has the highest median tax bill at $623.00, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across Cool Ridge, West Virginia
Source: Ownwell
$53,200
$106,050
$158,900
Average Cool Ridge Assessed Value
$158,900
Average Summers County Assessed Value
$66,000
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cool Ridge, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25825 | $44,460 | $82,500 | $158,900 | $216,800 | $257,000 |
Source: Ownwell
Property Tax Bills Across Cool Ridge, West Virginia
In Cool Ridge, Summers County, WV, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. Homeowners in this region see tax bills that can vary significantly. For instance, the 25th percentile tax bill is approximately $324, while the 75th percentile reaches around $844, and the 90th percentile can be as high as $1,205. These variations depend on factors such as property size, location, and any applicable exemptions. The median home price in Cool Ridge stands at $158,900, and with the national median property tax rate at 0.99%, homeowners in this area might find their tax rates relatively manageable. However, the highest median tax bill recorded in Summers County is $623, indicating that some homeowners may face higher-than-average property taxes. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances accordingly.
Average Cool Ridge Tax Bill
$623
Average Summers County Tax Bill
$304
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Cool Ridge, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25825 | $200 | $324 | $623 | $844 | $1,205 |
Source: Ownwell