Gay, West Virginia Property Taxes
The median property tax rate in GAY, WV is 0.76%, which is lower than the national median of 0.99% but slightly higher than the West Virginia state median of 0.72%. With the median home value in GAY being $60,900, the typical annual property tax bill amounts to $470, significantly below the national median of $2,690. Property taxes in GAY are calculated based on the assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding GAY'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 GAY 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
Gay, 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 GAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GAY 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 Gay, West Virginia
Property taxes in Gay, 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 Gay is 0.76%, lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Gay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gay 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 Gay's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 25244 has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Gay provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gay Tax Rate
0.76%
Average Jackson County Tax Rate
0.75%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gay, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25244 | 0.30% | 0.53% | 0.76% | 0.77% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Gay, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gay, West Virginia. The market value represents 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 Jackson 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 Gay, 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. The median home price in this area is $60,900. The highest and lowest median tax bill is $470, found in zip code 25244. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gay Assessed Value
$60,900
Average Jackson County Assessed Value
$84,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gay, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25244 | $20,480 | $36,325 | $60,900 | $100,700 | $143,410 |
Source: Ownwell
Property Tax Bills Across Gay, West Virginia
In the city of Gay in Jackson County, WV, property tax bills are calculated based on the assessed value of your home. The local government assesses properties to determine their market value, and then applies the property tax rate to this assessed value. For instance, with a median home price of $60,900, homeowners in Gay can expect their property tax bills to vary. The 25th percentile tax bill is around $209, while the 75th percentile reaches up to $691. At the higher end, the 90th percentile tax bill can be as much as $1,161. These tax bills are influenced by several factors including the property’s assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, the tax implications for homeowners in Gay can be significant. Higher tax bills can affect homeowners by increasing their annual expenses, while lower bills can provide some financial relief. Understanding these factors helps homeowners better manage their property-related costs.
Average Gay Tax Bill
$470
Average Jackson County Tax Bill
$636
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Gay, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25244 | $126 | $209 | $470 | $691 | $1,161 |
Source: Ownwell