Millstone, West Virginia Property Taxes
The median property tax rate in Millstone, WV is 0.50%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $65,150 in Millstone, the typical annual property tax bill is $278, considerably below the national median of $2,690. Property taxes in Millstone are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Millstone’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 Millstone 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
Millstone, 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 Millstone Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Millstone. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Millstone to provide an accurate estimate of your property tax bill. This handy tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value, determined by the county, is crucial for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Millstone, West Virginia
Property taxes in Millstone, West Virginia, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Millstone stands at 0.50%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Millstone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millstone 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 Millstone's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 25261 has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Millstone provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millstone Tax Rate
0.50%
Average Calhoun County Tax Rate
0.50%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millstone, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25261 | 0.20% | 0.34% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Millstone, West Virginia
In Millstone, 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 Millstone, 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. For instance, in the 25261 zip code, the highest median tax bill is $278. 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 Millstone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Millstone Assessed Value
$65,150
Average Calhoun County Assessed Value
$50,300
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millstone, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25261 | $24,170 | $48,200 | $65,150 | $92,100 | $140,000 |
Source: Ownwell
Property Tax Bills Across Millstone, West Virginia
In Millstone, Calhoun County, WV, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this value, which is typically a percentage of the property's market value. For instance, with a median home price of $65,150, the tax bill varies significantly across different percentiles. At the 25th percentile, homeowners can expect a tax bill of around $157, while those at the 75th percentile might see a bill of approximately $425. The 90th percentile tax bill can go up to $646. These tax bills are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Millstone’s property tax rates are relatively low. This can make homeownership more affordable, but it also means that local services funded by property taxes might have limited resources. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Millstone Tax Bill
$278
Average Calhoun County Tax Bill
$231
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Millstone, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25261 | $82 | $157 | $278 | $425 | $646 |
Source: Ownwell