Wayside, West Virginia Property Taxes
The median property tax rate in Wayside, WV is 0.41%, considerably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Wayside at $78,800, the typical annual property tax bill is $287, significantly below the national median of $2,690. Property taxes in Wayside are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wayside'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 Wayside 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
Wayside, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$323
Ownwell’s WAYSIDE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WAYSIDE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WAYSIDE 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 Wayside, West Virginia
Property taxes in Wayside, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wayside is 0.41%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Wayside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wayside 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 Wayside's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 24985 zip code has the highest median property tax rate of 0.41%, while the same zip code also has the lowest median tax rate of 0.41%. Understanding how these cities compare with Wayside provides valuable insights into the varying tax landscape across Summers County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wayside Tax Rate
0.41%
Average Summers County Tax Rate
0.41%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wayside, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24985 | 0.21% | 0.27% | 0.41% | 0.41% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Wayside, West Virginia
In Wayside, 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 Summers County 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 Wayside, 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. The median home price in Wayside is $78,800, with tax bills ranging from the 25th percentile at $192 to the 90th percentile at $662. The highest and lowest median tax bills are both $287, found in zip code 24985. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wayside Assessed Value
$78,800
Average Summers County Assessed Value
$66,000
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wayside, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24985 | $35,360 | $55,600 | $78,800 | $111,850 | $168,340 |
Source: Ownwell
Property Tax Bills Across Wayside, West Virginia
In Wayside, WV, property tax bills are calculated based on the assessed value of your home, which is determined by the Summers County tax assessor. The assessed value is a percentage of the market value of the property. Factors such as property size, location, and improvements can affect this assessed value. The median home price in Wayside is $78,800, and property tax rates are applied to this assessed value to determine the tax bill. Homeowners in Wayside can expect their property tax bills to vary. For instance, the 25th percentile tax bill is $192, while the 75th percentile tax bill is $436. At the higher end, the 90th percentile tax bill reaches $662. These figures illustrate the range of property taxes homeowners might face, influenced by the value and characteristics of their property. Compared to the national median property tax rate of 0.99%, Wayside's property taxes provide a way for local governments to fund essential services, impacting homeowners by contributing to the community's overall well-being.
Average Wayside Tax Bill
$287
Average Summers County Tax Bill
$304
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Wayside, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24985 | $119 | $192 | $287 | $436 | $662 |
Source: Ownwell