Belva, West Virginia Property Taxes
The median property tax rate in Belva, West Virginia is 0.77%, which is lower than the national median of 0.99% but slightly higher than the state median of 0.72%. With the median home value in Belva, the typical annual property tax bill is $254, significantly below the national median of $2,690. Property taxes in Belva are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Belva'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 Belva or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Belva, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$254
Ownwell’s Belva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belva 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 Belva, West Virginia
Property taxes in Belva, 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 Belva is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Belva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belva 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 Belva's effective property tax rate to other areas in Fayette County and the national median. For comparison, the zip code 26656 has both the highest and lowest median property tax rate of 0.77%. Understanding how these areas compare with Belva provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belva Tax Rate
0.77%
Average Fayette County Tax Rate
0.77%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belva, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26656 | 0.22% | 0.46% | 0.77% | 0.77% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Belva, West Virginia
In Belva, 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 Fayette 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 Belva, 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. Notably, the highest median tax bill in the area is $254 in the 26656 zip code, while the lowest median tax bill is also $254 in the same zip code. Being aware of these valuation processes in Belva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Belva Assessed Value
$33,000
Average Fayette County Assessed Value
$52,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belva, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26656 | $6,460 | $19,850 | $33,000 | $52,250 | $100,300 |
Source: Ownwell
Property Tax Bills Across Belva, West Virginia
In Belva, located in Fayette County, WV, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners, this means that any changes in the local real estate market or property modifications can impact their tax obligations. The median home price in Belva is $33,000, and property tax bills can vary significantly. At the 25th percentile, the tax bill is approximately $126, while at the 75th percentile, it rises to $425. The 90th percentile sees tax bills around $602. Compared to the national median property tax rate of 0.99%, Belva's tax rates are relatively modest, which can be a financial relief for homeowners in the area. However, it is essential for property owners to stay informed about any changes in property assessments or tax rates to manage their expenses effectively.
Average Belva Tax Bill
$254
Average Fayette County Tax Bill
$424
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Belva, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26656 | $64 | $126 | $254 | $425 | $602 |
Source: Ownwell