Scherr, West Virginia Property Taxes
The median property tax rate in Scherr, WV is 0.57%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $84,450 in Scherr, the typical annual property tax bill is $447, which is well below the national median of $2,690. Property taxes in Scherr are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Scherr'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 Scherr or another part of Mineral County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Scherr, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$481
Ownwell’s Scherr Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scherr with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scherr 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 Scherr, West Virginia
Property taxes in Scherr, 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 Scherr is 0.57%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Scherr set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scherr 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 Scherr's effective property tax rate to other areas in Mineral County and the national median. For comparison, the zip code 26726 has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these areas compare with Scherr provides valuable insights into the varying tax landscape across Mineral County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scherr Tax Rate
0.57%
Average Mineral County Tax Rate
0.72%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scherr, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26726 | 0.31% | 0.37% | 0.57% | 0.69% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Scherr, West Virginia
In Scherr, 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 Mineral 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 Scherr, 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 Scherr 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 $447, found in the zip code 26726.
Average Scherr Assessed Value
$84,450
Average Mineral County Assessed Value
$84,700
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scherr, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26726 | $38,950 | $57,250 | $84,450 | $125,675 | $178,700 |
Source: Ownwell
Property Tax Bills Across Scherr, West Virginia
In Scherr, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county and reflects a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For example, with a median home price of $84,450 in Scherr, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors such as property size, location, and improvements can influence the assessed value. In Mineral County, tax bills range significantly, with the 25th percentile at $171 and the 75th percentile at $760, indicating a broad spectrum of tax liabilities. At the 90th percentile, the tax bill can reach up to $1080. Compared to the national median property tax rate of 0.99%, Scherr's property taxes can be relatively manageable, but they still represent a significant expense for homeowners in the area. This calculation method ensures that property taxes are proportionate to property values, impacting homeowners' annual financial planning.
Average Scherr Tax Bill
$447
Average Mineral County Tax Bill
$634
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Scherr, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26726 | $160 | $171 | $447 | $760 | $1,080 |
Source: Ownwell