Flat Top, West Virginia Property Taxes
The median property tax rate in Flat Top, WV is 0.68%, which is notably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $71,500 in Flat Top, the typical annual property tax bill amounts to $453, significantly below the national median of $2,690. Property taxes in Flat Top are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Flat Top's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Flat Top or another part of Mercer County, familiarizing yourself with the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Flat Top, 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 FLAT TOP Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in FLAT TOP with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in FLAT TOP to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities and helps you plan accordingly. For those interested in neighborhood-specific trends, additional localized information is available below. Your property’s assessed value, determined by Mercer County, is essential for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Flat Top, West Virginia
Property taxes in Flat Top, 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 Flat Top is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Flat Top set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flat Top 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 Flat Top's effective property tax rate to other areas in Mercer County and the national median. For comparison, the 25841 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Flat Top provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flat Top Tax Rate
0.68%
Average Mercer County Tax Rate
0.68%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flat Top, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25841 | 0.34% | 0.49% | 0.68% | 0.68% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Flat Top, West Virginia
In Flat Top, 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 Mercer 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 Flat Top, 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 Flat Top helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Flat Top is $71,500, with the highest median tax bill in zip code 25841 at $453 and the lowest also at $453.
Average Flat Top Assessed Value
$71,500
Average Mercer County Assessed Value
$60,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flat Top, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25841 | $19,120 | $42,050 | $71,500 | $122,250 | $197,840 |
Source: Ownwell
Property Tax Bills Across Flat Top, West Virginia
In Flat Top, Mercer County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in this area is $71,500. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as the property's location, size, and any applicable exemptions or deductions can influence the final amount. For homeowners in Flat Top, the tax bill can vary significantly. At the 25th percentile, the tax bill is around $259, while at the 75th percentile, it reaches approximately $815. For those at the 90th percentile, the tax bill can go up to $1,392. The highest and lowest median tax bills in the area are both $453, indicating a relatively uniform tax rate within the zip code 25841. Compared to the national median property tax rate of 0.99%, Flat Top's tax rates can have a substantial impact on homeowners, affecting their annual financial planning and overall cost of homeownership.
Average Flat Top Tax Bill
$453
Average Mercer County Tax Bill
$442
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Flat Top, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25841 | $114 | $259 | $453 | $815 | $1,392 |
Source: Ownwell