Fairview, West Virginia Property Taxes
The median property tax rate in Fairview, WV is 0.64%, which is lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Fairview at $88,200, the typical annual property tax bill amounts to $541, significantly below the national median of $2,690. Property taxes in Fairview are based on the tax assessed value, which is often lower than the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Fairview'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 Fairview or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairview, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$564
Ownwell’s Fairview Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairview with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairview 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 Fairview, West Virginia
Property taxes in Fairview, 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 Fairview is 0.64%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Fairview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairview 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 Fairview's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26570 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Fairview provides valuable insights into the varying tax landscape across Monongalia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairview Tax Rate
0.64%
Average Monongalia County Tax Rate
0.64%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairview, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26570 | 0.40% | 0.50% | 0.64% | 0.64% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Fairview, West Virginia
In Fairview, 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 Fairview, 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 Fairview helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fairview is $88,200, with tax bills ranging from $311 at the 25th percentile to $1,197 at the 90th percentile. The highest and lowest median tax bills, both at $541, are found in the 26570 zip code.
Average Fairview Assessed Value
$88,200
Average Monongalia County Assessed Value
$146,600
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairview, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26570 | $21,860 | $48,900 | $88,200 | $125,700 | $175,790 |
Source: Ownwell
Property Tax Bills Across Fairview, West Virginia
In Fairview, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessment considers factors like the home's market value, location, and any improvements made to the property. For instance, the median home price in Fairview is $88,200, which significantly influences the tax bill. Homeowners in Fairview can expect their tax bills to vary widely. The tax bill at the 25th percentile is $311, while at the 75th percentile, it rises to $787. For those in the 90th percentile, the tax bill can reach up to $1,197. These figures highlight how property taxes can impact homeowners differently based on their property's assessed value. In comparison to the national median property tax rate of 0.99%, the property tax rate in Fairview is competitive, making it relatively affordable for homeowners. This affordability can be a crucial factor for those considering moving to or investing in the area.
Average Fairview Tax Bill
$541
Average Monongalia County Tax Bill
$1,138
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairview, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26570 | $154 | $311 | $541 | $787 | $1,197 |
Source: Ownwell