using toggle to change button value

using toggle to change button value

Hello I have the following: 

</div><input id="button" type="button" value="Hide Buttons" /> </div>

  1. $('document').ready(function(){  
  2. $("#button").on('click', function(){
  3. $(this).val('Show Buttons');
  4. event.stopPropagation();
  5. $("#thumbs").toggle();
  6. $("#insideholder").toggle();
  7. $("#buttonsH").toggle();
  8. });
After the initial click everything disappears as It should and with another click it reappears again so that toggle is working fine.  I cannot figure out how to toggle the button value though.  After the first click the button value goes to 'show buttons' and does not toggle back.  

I've tried a few different things all to no success so I'm open to suggestions.   Thanks