Gap Mills, West Virginia Property Taxes
The median property tax rate in Gap Mills, WV is 0.63%, notably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Gap Mills at $54,400, the typical annual property tax bill amounts to $335, significantly below the national median of $2,690. Property taxes in Gap Mills are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Gap Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Gap Mills or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gap Mills, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$343
Ownwell’s GAP MILLS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GAP MILLS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GAP MILLS 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 Gap Mills, West Virginia
Property taxes in Gap Mills, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gap Mills is 0.63%, significantly lower than the U.S. national median of 0.99%. Local government entities within Gap Mills set these rates annually, and they can vary across different neighborhoods. Each year, Gap Mills 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 Gap Mills' effective property tax rate to other areas in Monroe County and the national median. For comparison, the zip code 24941 has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Gap Mills provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gap Mills Tax Rate
0.63%
Average Monroe County Tax Rate
0.63%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gap Mills, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24941 | 0.38% | 0.63% | 0.63% | 0.63% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Gap Mills, West Virginia
In Gap Mills, 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 Monroe 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 Gap Mills, 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. The median home price in Gap Mills is $54,400, with tax bills ranging from $184 at the 25th percentile to $849 at the 90th percentile. 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 Gap Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gap Mills Assessed Value
$54,400
Average Monroe County Assessed Value
$74,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gap Mills, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24941 | $15,760 | $30,000 | $54,400 | $93,050 | $134,360 |
Source: Ownwell
Property Tax Bills Across Gap Mills, West Virginia
In Gap Mills, Monroe County, WV, property tax bills are calculated based on the assessed value of the property, which is derived from its market value. The county's median home price stands at $54,400. The property tax rate in this region is applied to the assessed value to determine the annual tax bill. For homeowners, this means that the tax bill can vary significantly depending on the property's assessed value and the specific rate set by local authorities. Tax bills in Gap Mills show a range, with the 25th percentile tax bill at $184, the 75th percentile at $553, and the 90th percentile reaching $849. These figures indicate that while some homeowners pay relatively low property taxes, others may face higher bills depending on the assessed value of their homes. Compared to the national median property tax rate of 0.99%, homeowners in Gap Mills may find their property tax burden to be relatively manageable, although individual experiences can vary. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Gap Mills Tax Bill
$335
Average Monroe County Tax Bill
$436
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Gap Mills, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24941 | $100 | $184 | $335 | $553 | $849 |
Source: Ownwell