Wallace, West Virginia Property Taxes
The median property tax rate in Wallace, WV is 0.74%, slightly higher than the state median of 0.72% but lower than the national median of 0.99%. With a median home value of $70,650, the typical annual property tax bill in Wallace is $362, significantly below the national median of $2,690. Property taxes in Wallace are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Wallace's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in Wallace or another part of Marion County, grasping the local property tax nuances will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wallace, 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 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, WV, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallace is 0.74%, 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 counties in West Virginia and the national median. For comparison, the zip code 26448 has both the highest and lowest median property tax rate in the area, standing at 0.74%. Understanding how these cities compare with Wallace 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 Wallace 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 Wallace, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26448 | 0.27% | 0.46% | 0.74% | 0.74% | 0.82% |
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 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. 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 median home price in Wallace is $70,650, with tax bills ranging from $219 at the 25th percentile to $882 at the 90th percentile. The highest and lowest median tax bills are both $362, found in zip code 26448.
Average Wallace Assessed Value
$70,650
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 Wallace, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26448 | $26,180 | $34,500 | $70,650 | $114,275 | $154,770 |
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 the Marion County Assessor's Office. The assessed value is a percentage of the market value, which reflects the current worth of the property. Homeowners in Wallace can expect their tax bills to vary within a range, with the 25th percentile at $219 and the 75th percentile at $656. At the higher end, the 90th percentile tax bill can reach up to $882. These tax bills are influenced by factors such as the property's location, size, and condition, as well as local tax rates set by the county. For comparison, the highest median tax bill in the area is $362, which is significantly below the national median property tax rate of 0.99%. This relatively low property tax burden can be beneficial for homeowners, making Wallace an attractive place for those looking to manage their cost of living effectively.
Average Wallace Tax Bill
$362
Average Marion County Tax Bill
$886
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 | $145 | $219 | $362 | $656 | $882 |
Source: Ownwell