Friendly, West Virginia Property Taxes
The median property tax rate in Friendly, WV is 0.65%, which is notably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $53,600 in Friendly, the typical annual property tax bill amounts to $345, significantly below the national median of $2,690. Property taxes in Friendly are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Friendly's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Friendly or another part of Tyler County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Friendly, 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 Friendly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Friendly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Friendly 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 Friendly, West Virginia
Property taxes in Friendly, 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 Friendly is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Friendly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Friendly 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 Friendly's effective property tax rate to other areas in West Virginia and the national median. For comparison, the ZIP code 26146 has the highest median property tax rate of 0.65%, while the same ZIP code also has the lowest median tax rate of 0.65%. Understanding how these areas compare with Friendly provides valuable insights into the varying tax landscape across Tyler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Friendly Tax Rate
0.65%
Average Tyler County Tax Rate
0.65%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Friendly, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26146 | 0.34% | 0.63% | 0.65% | 0.65% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Friendly, West Virginia
In Friendly, 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 Tyler 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 Friendly, 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 Friendly is $53,600, with tax bills varying significantly. For instance, the 25th percentile tax bill is $144, while the 75th percentile tax bill is $570. The highest and lowest median tax bill is $345 in zip code 26146. Being aware of these valuation processes in Friendly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Friendly Assessed Value
$53,600
Average Tyler County Assessed Value
$59,000
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Friendly, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26146 | $7,740 | $21,400 | $53,600 | $87,900 | $126,080 |
Source: Ownwell
Property Tax Bills Across Friendly, West Virginia
In Friendly, located in Tyler County, WV, property tax bills are calculated based on the assessed value of a home. The process begins with the county assessor determining the market value of the property, which is then assessed at a percentage of that value. This assessed value is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Friendly, the median home price is $53,600. Property tax bills can vary significantly, with the 25th percentile bill at $144 and the 75th percentile bill at $570. At the higher end, the 90th percentile tax bill reaches $821. The highest and lowest median tax bills in Tyler County both stand at $345, indicating a uniformity in tax assessments within certain areas. These property taxes fund essential local services, such as schools, public safety, and infrastructure. For homeowners, understanding how these taxes are calculated and budgeting for them is crucial, as they represent a significant annual expense.
Average Friendly Tax Bill
$345
Average Tyler County Tax Bill
$399
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Friendly, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26146 | $78 | $144 | $345 | $570 | $821 |
Source: Ownwell