Freeman, West Virginia Property Taxes
The median property tax rate in Freeman, WV is 0.83%, which is lower than the national median of 0.99% but higher than the West Virginia state median of 0.72%. With the median home value in Freeman at $20,600, the typical annual property tax bill is about $200, significantly below the national median of $2,690. Property taxes in Freeman are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Freeman's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Freeman 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
Freeman, 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 Freeman Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Freeman. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in the area to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Freeman, West Virginia
Property taxes in Freeman, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeman is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Freeman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeman 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 Freeman's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 24724 has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these areas compare with Freeman 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 Freeman Tax Rate
0.83%
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 Freeman, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24724 | 0.43% | 0.83% | 0.83% | 1.65% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Freeman, West Virginia
In Freeman, 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 Freeman, 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 Freeman 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 $200, found in the 24724 zip code.
Average Freeman Assessed Value
$20,600
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 Freeman, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24724 | $6,200 | $9,950 | $20,600 | $44,850 | $67,600 |
Source: Ownwell
Property Tax Bills Across Freeman, West Virginia
In Freeman, Mercer County, WV, property tax bills are calculated based on the assessed value of your home, which is typically a percentage of its market value. The median home price in Freeman is $20,600. The local tax rate is applied to this assessed value to determine your annual tax bill. Several factors influence this calculation, including property size, location, and any applicable exemptions. For homeowners in Freeman, understanding their property tax bill is crucial. For instance, the 25th percentile tax bill is around $117, while the 75th percentile reaches $366, and the 90th percentile can go up to $625. This range indicates the variability in tax amounts depending on property values and other factors. Compared to the national median property tax rate of 0.99%, Freeman's rates are relatively moderate, making it an affordable place for homeowners. However, even within Mercer County, the highest and lowest median tax bills are both $200, highlighting the consistency in tax assessments.
Average Freeman Tax Bill
$200
Average Mercer County Tax Bill
$442
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Freeman, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24724 | $58 | $117 | $200 | $366 | $625 |
Source: Ownwell