Mineral Wells, West Virginia Property Taxes
The median property tax rate in Mineral Wells, WV is 0.66%, which is lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Mineral Wells at $123,500, the typical annual property tax bill amounts to $801, significantly below the national median of $2,690. Property taxes in Mineral Wells 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 Mineral Wells' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mineral Wells 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
Mineral Wells, 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 Mineral Wells Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mineral Wells with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mineral Wells 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 Mineral Wells, West Virginia
Property taxes in Mineral Wells, 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 Mineral Wells is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities in Mineral Wells set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mineral Wells 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 Mineral Wells' effective property tax rate to other areas in Wood County and the national median. For comparison, the zip code 26150 has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these areas compare with Mineral Wells provides valuable insights into the varying tax landscape across Wood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mineral Wells Tax Rate
0.66%
Average Wood County Tax Rate
0.66%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mineral Wells, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26150 | 0.47% | 0.56% | 0.66% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Mineral Wells, West Virginia
In Mineral Wells, 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 local 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 Mineral Wells, 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 Mineral Wells 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 $801.00 in the 26150 zip code, while the lowest median tax bill is also $801.00 in the same zip code.
Property Tax Assessment Values Across Mineral Wells, West Virginia
Source: Ownwell
$21,500
$82,725
$143,950
Average Mineral Wells Assessed Value
$123,500
Average Wood County Assessed Value
$103,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mineral Wells, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26150 | $16,390 | $76,400 | $123,500 | $196,825 | $277,280 |
Source: Ownwell
Property Tax Bills Across Mineral Wells, West Virginia
In Mineral Wells, Wood County, WV, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate is then applied to this assessed value. For homeowners, the median home price is $123,500, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $491, while the 75th percentile tax bill rises to $1,272. At the 90th percentile, homeowners might see bills as high as $1,833. The highest and lowest median tax bills in the area are both $801, which is relatively modest compared to the national median property tax rate of 0.99%. These tax bills fund essential local services, such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners in Mineral Wells should be aware of these factors to better understand their financial obligations and the benefits they receive from their property taxes.
Average Mineral Wells Tax Bill
$801
Average Wood County Tax Bill
$822
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Mineral Wells, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26150 | $156 | $491 | $801 | $1,272 | $1,833 |
Source: Ownwell