Talcott, West Virginia Property Taxes
The median property tax rate in Talcott, 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 Talcott at $53,200, the typical annual property tax bill is $231, well below the national median of $2,690. Property taxes in Talcott are calculated based on the tax assessed value, which generally 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 significant annual savings. Whether you're in the heart of Talcott or another part of Summers County, understanding 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
0.41%
Estimate Property Tax Bill
$218
Ownwell’s Talcott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner 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 the 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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Talcott is 0.41%, which is significantly lower than 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. The data below compares Talcott's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 24981 zip code has the highest median property tax rate of 0.41%, while the same zip code also has the lowest median tax rate of 0.41%. Understanding how these cities compare with Talcott 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 Talcott 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 Talcott, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24981 | 0.24% | 0.41% | 0.41% | 0.81% | 0.81% |
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 Summers 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. In Talcott, the highest and lowest median tax bills both stand at $231, notably in the zip code 24981. The median home price in the region is $53,200, with the 25th percentile tax bill at $138 and the 75th percentile tax bill at $354.
Average Talcott Assessed Value
$53,200
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 Talcott, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24981 | $17,160 | $30,800 | $53,200 | $84,800 | $121,120 |
Source: Ownwell
Property Tax Bills Across Talcott, West Virginia
In Talcott, Summers County, WV, property tax bills are calculated based on the assessed value of a property, which represents a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Talcott, the median home price is $53,200. Several factors influence the tax bill, including property size, location, and improvements. The tax bill can vary significantly, with the 25th percentile at $138, the 75th percentile at $354, and the 90th percentile reaching $516. These variations reflect differences in property values and local tax rates. Compared to the national median property tax rate of 0.99%, Talcott's property tax rates are relatively modest, which can be advantageous for homeowners. Understanding these factors helps homeowners anticipate their tax obligations and plan accordingly.
Average Talcott Tax Bill
$231
Average Summers County Tax Bill
$304
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 | $75 | $138 | $231 | $354 | $516 |
Source: Ownwell