Grafton, West Virginia Property Taxes
The median property tax rate in Grafton, WV is 0.59%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Grafton at $77,200, the typical annual property tax bill is $542, which is well below the national median of $2,690. Property taxes in Grafton 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 Grafton'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 Grafton or another part of Taylor County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grafton, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$455
Ownwell’s Grafton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grafton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grafton 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 Grafton, West Virginia
Property taxes in Grafton, 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 Grafton is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Grafton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grafton 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 Grafton's effective property tax rate to other counties in West Virginia and the national median. For comparison, the ZIP code 26354 has both the highest and lowest median property tax rate of 0.59%. Understanding how these areas compare with Grafton provides valuable insights into the varying tax landscape across Taylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grafton Tax Rate
0.59%
Average Taylor County Tax Rate
0.59%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grafton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26354 | 0.39% | 0.53% | 0.59% | 0.77% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Grafton, West Virginia
In Grafton, 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 Taylor 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 Grafton, 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 Grafton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Grafton, the median home price is $77,200. The 25th percentile tax bill is $264, while the 75th percentile tax bill is $892. The highest median tax bill is $542 in the 26354 zip code, which is also the lowest median tax bill.
Average Grafton Assessed Value
$77,200
Average Taylor County Assessed Value
$85,250
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grafton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26354 | $12,000 | $35,200 | $77,200 | $135,700 | $205,600 |
Source: Ownwell
Property Tax Bills Across Grafton, West Virginia
In Grafton, WV, property tax bills are calculated based on the assessed value of a home, which is determined by Taylor County. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, homeowners in Grafton experience a range of property tax bills, with the 25th percentile at $264 and the 75th percentile at $892. The highest median tax bill in the area is $542, which is notably lower than the national median property tax rate of 0.99%. Factors such as property location, improvements, and changes in market conditions can influence the assessed value, thereby impacting the tax bill. For homeowners, understanding these elements is crucial as they directly affect their annual financial obligations. By staying informed about how their property taxes are calculated, homeowners in Grafton can better anticipate and manage their expenses.
Average Grafton Tax Bill
$542
Average Taylor County Tax Bill
$583
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Grafton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26354 | $107 | $264 | $542 | $892 | $1,336 |
Source: Ownwell