Midway, West Virginia Property Taxes
The median property tax rate in Midway, WV is 0.72%, aligning with the state median but lower than the national median of 0.99%. With a median home value in Midway of $41,900, the typical annual property tax bill is $234, significantly below the national median of $2,690. Property taxes in Midway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Midway's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Midway 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
Midway, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$302
Ownwell’s Midway Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Midway to provide an estimate of your annual property tax bill. This tool offers a clear understanding of your potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, scroll down to explore trends at the neighborhood level. The assessed value of your property is the figure determined by the county for tax purposes, which includes any applicable exemptions.
Property Tax Rates Across Midway, West Virginia
Property taxes in Midway, West Virginia, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Midway is 0.72%, which is below the U.S. national median of 0.99%. Local government entities within Midway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midway 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 Midway's effective property tax rate to other counties in West Virginia and the national median. For comparison, 25878 has both the highest and lowest median property tax rate in the county at 0.72%. Understanding how these cities compare with Midway provides valuable insights into the varying tax landscape across Raleigh County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midway Tax Rate
0.72%
Average Raleigh County Tax Rate
0.72%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midway, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25878 | 0.19% | 0.37% | 0.72% | 0.72% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Midway, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Midway, West Virginia. 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 Raleigh 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 Midway, 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 Midway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is found in zip code 25878, amounting to $234.00, while the lowest median tax bill is also $234.00 in the same zip code.
Average Midway Assessed Value
$41,900
Average Raleigh County Assessed Value
$52,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midway, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25878 | $8,880 | $26,400 | $41,900 | $56,800 | $76,720 |
Source: Ownwell
Property Tax Bills Across Midway, West Virginia
Property tax bills in Midway, Raleigh County, WV, are calculated based on the assessed value of a property, which is determined by local tax assessors. This assessed value is typically a percentage of the property's market value. For instance, with a median home price of $41,900 in Midway, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $107 annually, while those in the 75th percentile see bills closer to $397. At the higher end, the 90th percentile tax bill reaches approximately $621. Several factors influence the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential community services such as schools, roads, and emergency services. Comparing these figures to the national median property tax rate of 0.99%, Midway's property taxes can be quite manageable for homeowners. However, it's crucial for homeowners to understand their specific tax obligations and explore any potential exemptions to minimize their tax burden.
Average Midway Tax Bill
$234
Average Raleigh County Tax Bill
$419
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Midway, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25878 | $56 | $107 | $234 | $397 | $621 |
Source: Ownwell