Terry, West Virginia Property Taxes
The median property tax rate in Terry, WV is 0.72%, aligning with the state median but notably lower than the national median of 0.99%. With a median home value of $15,650, the typical annual property tax bill in Terry is $169, significantly below the national median of $2,690. Property taxes in Terry are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Terry'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 Terry 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
Terry, 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 Terry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terry 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 Terry, West Virginia
Property taxes in Terry, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terry is 0.54%, significantly lower than both the West Virginia state median of 0.59% and the U.S. national median of 0.99%. Local government entities within Terry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terry 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 Terry's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25864 zip code has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Terry 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 Terry 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 Terry, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25864 | 0.72% | 0.72% | 0.72% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Terry, West Virginia
In Terry, 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 Raleigh County Assessor's Office 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 Terry, 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 Terry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 25864 has the highest and lowest median tax bill in Terry, both at $169. This is significantly lower than the national median property tax rate of 0.99%.
Average Terry Assessed Value
$15,650
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 Terry, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25864 | $6,170 | $10,950 | $15,650 | $28,550 | $82,400 |
Source: Ownwell
Property Tax Bills Across Terry, West Virginia
In Terry, Raleigh County, WV, property tax bills are calculated based on the assessed value of a home. The county assessors determine the assessed value, which is typically a percentage of the market value. Homeowners in Terry can expect their property tax bill to vary significantly depending on the assessed value of their property. For example, the median home price in Terry is $15,650, and tax bills can range from $88 at the 25th percentile to $635 at the 90th percentile. The highest and lowest median tax bills in the area are both $169, found in zip code 25864. These tax bills are influenced by several factors, including the property's location, size, and any applicable exemptions. Higher assessed values generally result in higher tax bills, which can impact homeowners' finances. Compared to the national median property tax rate of 0.99%, Terry's rates can be relatively low, offering some financial relief to its residents.
Average Terry Tax Bill
$169
Average Raleigh County Tax Bill
$419
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Terry, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25864 | $49 | $88 | $169 | $328 | $635 |
Source: Ownwell