Milton, West Virginia Property Taxes
The median property tax rate in Milton, WV is 0.71%, 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 Milton at $96,450, the typical annual property tax bill reaches $685, which is significantly below the national median of $2,690. Property taxes in Milton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milton'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 Milton 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
Milton, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$685
Ownwell’s Milton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milton 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 Milton, West Virginia
Property taxes in Milton, 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 Milton is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Milton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milton 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 Milton's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25541 zip code has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these areas compare with Milton provides valuable insights into the varying tax landscape across Mason County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milton Tax Rate
0.71%
Average Mason County Tax Rate
0.71%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25541 | 0.45% | 0.66% | 0.71% | 0.71% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Milton, West Virginia
In Milton, 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 local appraisal district 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 Milton, 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 Milton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $685.00, found in the 25541 zip code.
Average Milton Assessed Value
$96,450
Average Mason County Assessed Value
$68,400
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25541 | $20,800 | $58,900 | $96,450 | $157,150 | $266,200 |
Source: Ownwell
Property Tax Bills Across Milton, West Virginia
In Milton, WV, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. This assessed value represents a percentage of the market value of your property. Once the assessed value is established, the local tax rate, or millage rate, is applied to calculate the annual tax bill. Several factors influence the tax bill, including property location, home size, and market conditions. For instance, the median home price in Milton is $96,450. Homeowners in the 25th percentile can expect to pay around $409 in property taxes, while those in the 75th percentile may see bills as high as $1,187. At the 90th percentile, the tax bill can reach up to $1,885. These property taxes contribute to local services such as schools, infrastructure, and emergency services. Understanding how these taxes are calculated helps homeowners in Milton budget effectively and anticipate their annual financial obligations.
Average Milton Tax Bill
$685
Average Mason County Tax Bill
$486
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Milton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25541 | $192 | $409 | $685 | $1,187 | $1,885 |
Source: Ownwell