Wallace, West Virginia Property Taxes
The median property tax rate in Wallace, WV is 0.70%, slightly 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 at $51,050, the typical annual property tax bill is $406, 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
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$357
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, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallace is 0.70%, which is lower than 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 areas in Harrison County and the national median. For comparison, the zip code 26448 has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these areas compare with Wallace provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wallace Tax Rate
0.70%
Average Harrison County Tax Rate
0.74%
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 | 0.38% | 0.56% | 0.70% | 0.74% | 1.40% |
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 Harrison County Assessor’s Office 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 Wallace, 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 median tax bill in Wallace is $406 in zip code 26448, which is also the lowest median tax bill.
Average Wallace Assessed Value
$51,050
Average Harrison County Assessed Value
$76,800
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 | $2,440 | $22,625 | $51,050 | $90,950 | $134,330 |
Source: Ownwell
Property Tax Bills Across Wallace, West Virginia
In Wallace, WV, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Wallace is $51,050, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can affect the assessed value, leading to variations in tax bills. For instance, homeowners in Wallace can expect to pay a median property tax bill of $406. However, there is a range in tax bills; the 25th percentile tax bill is $203, while the 75th percentile tax bill is $655, and the 90th percentile tax bill reaches up to $964. These figures highlight the variability in property tax obligations based on the specific characteristics of each property. Compared to the national median property tax rate of 0.99%, Wallace's property tax bills are relatively moderate, offering some relief to homeowners in this region. Understanding these factors helps homeowners anticipate their annual property tax expenses and plan accordingly.
Average Wallace Tax Bill
$406
Average Harrison County Tax Bill
$688
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 | $84 | $203 | $406 | $655 | $964 |
Source: Ownwell