Farmington, West Virginia Property Taxes
The median property tax rate in Farmington, WV is 0.74%, slightly higher than the West Virginia state median of 0.72% but below the national median of 0.99%. With the median home value in Farmington at $69,800, the typical annual property tax bill is $529, significantly lower than the national median of $2,690. Property taxes in Farmington 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 Farmington'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 Farmington or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farmington, 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 Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, West Virginia
Property taxes in Farmington, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other areas and the national median. For comparison, the zip code 26571 has the median property tax rate of 0.74%. Understanding how these regions compare with Farmington provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
0.74%
Average Marion County Tax Rate
0.74%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26571 | 0.40% | 0.60% | 0.74% | 0.84% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farmington, WV. 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 Marion 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 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 Farmington is $69,800, and the median tax bill ranges from $294 at the 25th percentile to $1,336 at the 90th percentile. The zip code 26571 has the highest and lowest median tax bill at $529. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Farmington, West Virginia
Source: Ownwell
$7,100
$122,075
$237,050
Average Farmington Assessed Value
$69,800
Average Marion County Assessed Value
$104,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmington, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26571 | $17,720 | $41,700 | $69,800 | $110,000 | $181,760 |
Source: Ownwell
Property Tax Bills Across Farmington, West Virginia
In Farmington, located in Marion County, WV, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Farmington is $69,800. Property tax rates in this region are influenced by various factors, including local government budgets and public service funding needs. For homeowners in Farmington, the property tax bill can vary significantly. At the 25th percentile, tax bills are around $294, while at the 75th percentile, they rise to $874. The tax bill at the 90th percentile can reach up to $1,336. These figures indicate a range of tax burdens, reflecting differences in property values and local tax rates. Compared to the national median property tax rate of 0.99%, Farmington's property tax rates can offer a more affordable option for homeowners. Understanding how these taxes are assessed and the potential financial impact is crucial for homeowners to manage their expenses effectively.
Average Farmington Tax Bill
$529
Average Marion County Tax Bill
$886
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26571 | $115 | $294 | $529 | $874 | $1,336 |
Source: Ownwell