Wallace, West Virginia Property Taxes
The median property tax rate in Wallace, WV is 0.70%, 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 Wallace, the typical annual property tax bill is $671, significantly below the national median of $2,690. Property taxes in Wallace 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 Wallace'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 Wallace 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
Wallace, 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 Wallace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallace 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 Wallace, West Virginia
Property taxes in Wallace, 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 Wallace is 0.54%, which is lower than both the West Virginia state median of 0.57% and the U.S. national median of 0.99%. Local government entities within Wallace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallace 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 Wallace's effective property tax rate to other counties in West Virginia and the national median. For comparison, the highest median property tax rate in the area is 0.77% in zip code 26301, while the lowest median tax rate is 0.52% in zip code 26456. Understanding how these cities compare with Wallace provides valuable insights into the varying tax landscape across Doddridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wallace Tax Rate
0.70%
Average Doddridge County Tax Rate
0.70%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wallace, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26448 | 0.51% | 0.54% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Wallace, West Virginia
In Wallace, 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 Doddridge County Assessor 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. 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 Wallace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $671, found in the 26448 zip code.
Average Wallace Assessed Value
$101,500
Average Doddridge County Assessed Value
$63,900
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wallace, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26448 | $72,600 | $81,350 | $101,500 | $145,250 | $166,300 |
Source: Ownwell
Property Tax Bills Across Wallace, West Virginia
In Wallace, WV, property tax bills are calculated based on the assessed value of a homeowner’s property. The assessed value is determined by the local county assessor and is intended to reflect the market value of the property. Once the assessed value is established, the local tax rate, known as the millage rate, is applied. This rate is determined by various taxing authorities, including the county, school districts, and other local entities. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For example, the median home price in Wallace is $101,500, and homeowners can expect tax bills around $533 at the 25th percentile and up to $934 at the 90th percentile. These figures illustrate that property taxes can vary significantly within the same region. Homeowners in Wallace should be aware that property taxes are a critical component of local government funding, directly impacting public services such as education, infrastructure, and emergency services. Understanding how these taxes are calculated helps homeowners better manage their finances and anticipate annual expenses.
Average Wallace Tax Bill
$671
Average Doddridge County Tax Bill
$427
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallace, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26448 | $437 | $533 | $671 | $786 | $934 |
Source: Ownwell