Gormania, West Virginia Property Taxes
The median property tax rate in Gormania, WV is 0.48%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Gormania at $45,100, the typical annual property tax bill amounts to $200, well below the national median of $2,690. Property taxes in Gormania 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 Gormania'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 Gormania 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
Gormania, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$216
Ownwell’s Gormania Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gormania with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gormania 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 Gormania, West Virginia
Property taxes in Gormania, 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 Gormania is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities within Gormania set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gormania 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 Gormania's effective property tax rate to other areas in Grant County and the national median. For comparison, the 26720 zip code has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Gormania provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gormania Tax Rate
0.48%
Average Grant County Tax Rate
0.48%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gormania, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26720 | 0.26% | 0.48% | 0.48% | 0.48% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Gormania, West Virginia
In Gormania, 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 Grant 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. In Gormania, 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 Gormania helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 26720 has the highest and lowest median tax bill, both at $200.
Average Gormania Assessed Value
$45,100
Average Grant County Assessed Value
$73,700
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gormania, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26720 | $9,240 | $22,650 | $45,100 | $69,550 | $97,740 |
Source: Ownwell
Property Tax Bills Across Gormania, West Virginia
Property tax bills in Gormania, located in Grant County, WV, are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Gormania, the median home price is $45,100, which is significantly lower than the national median. Consequently, the property tax bills also tend to be lower. The tax bill for the 25th percentile stands at $97, while the 75th percentile tax bill is $325, and the 90th percentile reaches $476. These figures demonstrate a range of tax burdens that can impact homeowners differently based on their property's assessed value. The highest and lowest median tax bills in the area are both $200, reflecting a relatively uniform tax rate within the zip code 26720. This system ensures that property taxes are proportionate to the value of the property, thereby affecting homeowners based on their property’s market value and the local tax rate.
Average Gormania Tax Bill
$200
Average Grant County Tax Bill
$353
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Gormania, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26720 | $46 | $97 | $200 | $325 | $476 |
Source: Ownwell