Smithfield, West Virginia Property Taxes
The median property tax rate in Smithfield, WV is 0.69%, which is notably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Smithfield, the typical annual property tax bill amounts to $247, significantly below the national median of $2,690. Property taxes in Smithfield 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 Smithfield'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 Smithfield or another part of Wetzel County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithfield, 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 Smithfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithfield 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 Smithfield, West Virginia
Property taxes in Smithfield, 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 Smithfield is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithfield 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 Smithfield's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26437 has both the highest and lowest median property tax rate of 0.69%. Understanding how these cities compare with Smithfield provides valuable insights into the varying tax landscape across Wetzel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithfield Tax Rate
0.69%
Average Wetzel County Tax Rate
0.69%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithfield, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26437 | 0.30% | 0.69% | 0.69% | 0.74% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, West Virginia
In Smithfield, 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 Wetzel 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. In Smithfield, 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 Smithfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Smithfield are both $247.00, found in the 26437 zip code.
Average Smithfield Assessed Value
$32,700
Average Wetzel County Assessed Value
$72,300
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithfield, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26437 | $3,040 | $13,200 | $32,700 | $76,600 | $120,020 |
Source: Ownwell
Property Tax Bills Across Smithfield, West Virginia
Property tax bills in Smithfield, Wetzel County, WV, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and typically reflects a percentage of the property's market value. In Smithfield, the median home price is $32,700, which provides a basis for calculating property taxes. Property tax rates and assessed values are key factors in determining the final tax bill. For homeowners, these tax bills can vary significantly. For instance, the 25th percentile tax bill is $101, while the 75th percentile tax bill reaches $527, and the 90th percentile tax bill can be as high as $960. The highest and lowest median tax bills in the area are both $247, indicating a relatively consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Smithfield's property taxes can be considered relatively low, making it an attractive option for homeowners looking to minimize their annual tax expenses.
Average Smithfield Tax Bill
$247
Average Wetzel County Tax Bill
$518
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithfield, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26437 | $31 | $101 | $247 | $527 | $960 |
Source: Ownwell