Red Creek, West Virginia Property Taxes
The median property tax rate in Red Creek, WV is 0.40%, 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 Red Creek, the typical annual property tax bill is $437, well below the national median of $2,690. Property taxes in Red Creek are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Red Creek'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 Red Creek or another part of Tucker County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Red Creek, 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 Red Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Red Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Red Creek 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 Red Creek, West Virginia
Property taxes in Red Creek, West Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Red Creek is 0.40%, which is significantly lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Red Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red Creek 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 Red Creek's effective property tax rate to other counties in West Virginia and the national median. For comparison, the highest median property tax rate in Tucker County has the highest median property tax rate of 0.50%, while the lowest median tax rate in the same county is 0.30%. Understanding how these cities compare with Red Creek provides valuable insights into the varying tax landscape across Tucker County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Red Creek Tax Rate
0.40%
Average Tucker County Tax Rate
0.40%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Red Creek, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26289 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Red Creek, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Red Creek, West Virginia. 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 Tucker County Assessor's Office 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 Red Creek, 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. For example, the highest and lowest median tax bills in the area are both $437, occurring in the 26289 zip code. Being aware of these valuation processes in Red Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Red Creek, West Virginia
Source: Ownwell
$67,700
$201,550
$335,400
Average Red Creek Assessed Value
$109,850
Average Tucker County Assessed Value
$90,400
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Red Creek, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26289 | $26,070 | $65,175 | $109,850 | $135,025 | $139,030 |
Source: Ownwell
Property Tax Bills Across Red Creek, West Virginia
In Red Creek, 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. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, in Red Creek, the median home price is $109,850. Depending on various factors such as property size, location, and improvements, homeowners in Red Creek can expect their tax bills to vary. The 25th percentile of tax bills is approximately $311, while the 75th percentile is around $536, and the 90th percentile reaches up to $552. Compared to the national median property tax rate of 0.99%, Red Creek's property tax rates are relatively modest. These tax bills can significantly impact homeowners, influencing their overall housing costs and financial planning. Understanding how these taxes are calculated helps homeowners better anticipate their annual expenses.
Average Red Creek Tax Bill
$437
Average Tucker County Tax Bill
$451
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Red Creek, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26289 | $249 | $311 | $437 | $536 | $552 |
Source: Ownwell