Miami, West Virginia Property Taxes
The median property tax rate in Miami, West Virginia is 0.76%, slightly higher than the state median of 0.72% but lower than the national median of 0.99%. With the median home value in Miami being $39,300, the typical annual property tax bill is $271, significantly below the national median of $2,690. Property taxes in Miami are calculated based on the assessed value, which is generally lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Miami'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 Miami 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
Miami, 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 Miami Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Miami with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Miami to provide an estimate of your property tax bill. This valuable tool offers insight into potential tax liabilities, helping you plan your finances better. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Miami, West Virginia
Property taxes in Miami, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Miami is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Miami set these rates annually, and they can vary significantly across different neighborhoods. Each year, Miami 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 Miami's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 25134 has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Miami provides valuable insights into the varying tax landscape across Kanawha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Miami Tax Rate
0.76%
Average Kanawha County Tax Rate
0.76%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Miami, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25134 | 0.23% | 0.76% | 0.76% | 1.51% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Miami, West Virginia
In Miami, 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 Kanawha 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 Miami, 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. For instance, the highest median tax bill in Miami is $271 in zip code 25134. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Miami Assessed Value
$39,300
Average Kanawha County Assessed Value
$88,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Miami, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25134 | $10,020 | $20,875 | $39,300 | $51,650 | $68,320 |
Source: Ownwell
Property Tax Bills Across Miami, West Virginia
In Miami, Kanawha County, WV, property tax bills are calculated based on the assessed value of a home. The county assessor determines this value, which is typically a percentage of the property's market value. For instance, with a median home price of $39,300, the assessed value forms the basis for calculating the tax bill. The tax rate is applied to the assessed value to determine the annual tax bill. Factors such as local government budgets, school district funding needs, and public services influence the tax rate. Homeowners in Miami can expect tax bills to vary significantly. For example, tax bills at the 25th percentile are around $116, while those at the 75th percentile reach approximately $460. At the 90th percentile, tax bills can be as high as $655. These variations impact homeowners differently, with those owning higher-valued properties paying more in taxes. Comparing this to the national median property tax rate of 0.99%, Miami's property tax rates are relatively moderate.
Average Miami Tax Bill
$271
Average Kanawha County Tax Bill
$804
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Miami, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25134 | $73 | $116 | $271 | $460 | $655 |
Source: Ownwell