Cannelton, West Virginia Property Taxes
The median property tax rate in Cannelton, WV is 0.77%, which is lower than the national median of 0.99% but slightly higher than the West Virginia state median of 0.72%. With a median home value of $28,800 in Cannelton, the typical annual property tax bill amounts to $198, significantly below the national median of $2,690. Property taxes in Cannelton are based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Cannelton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cannelton or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cannelton, 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 Cannelton Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Cannelton. By simply entering your property's estimated assessed value, the calculator uses the median tax rate specific to Cannelton to provide an accurate estimate of your property tax bill. This powerful tool offers a clear understanding of potential tax liabilities, making it easier to plan your finances. For those interested in more detailed insights, you can explore neighborhood-level trends by scrolling down the page. Remember, your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Cannelton, West Virginia
Property taxes in Cannelton, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cannelton is 0.77%, lower than the U.S. national median of 0.99%. Local government entities within Cannelton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cannelton 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 Cannelton's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25036 zip code has the highest median property tax rate of 0.77%, while the 25036 zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Cannelton 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 Cannelton 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 Cannelton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25036 | 0.29% | 0.61% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Cannelton, West Virginia
In Cannelton, 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 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 in Cannelton 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. The median home price in Cannelton is $28,800, with tax bills ranging from $112 at the 25th percentile to $420 at the 90th percentile. The highest and lowest median tax bills are both $198 in the 25036 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cannelton Assessed Value
$28,800
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 Cannelton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25036 | $10,580 | $16,250 | $28,800 | $45,200 | $68,920 |
Source: Ownwell
Property Tax Bills Across Cannelton, West Virginia
In Cannelton, WV, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For example, with a median home price of $28,800, homeowners can expect varying tax bills depending on the assessed value and specific tax rate applied. Factors such as property size, location, and any improvements or renovations can influence the assessed value. In Fayette County, the tax bill for the 25th percentile is around $112, while the 75th percentile sees bills near $298, and the 90th percentile reaches up to $420. These figures highlight the range of property tax obligations that residents might face. Compared to the national median property tax rate of 0.99%, the tax rates in Cannelton can be relatively modest, providing some relief to homeowners. Understanding these factors helps residents anticipate their property tax responsibilities and manage their finances more effectively.
Average Cannelton Tax Bill
$198
Average Fayette County Tax Bill
$424
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Cannelton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25036 | $60 | $112 | $198 | $298 | $420 |
Source: Ownwell