Crum, West Virginia Property Taxes
The median property tax rate in Crum, WV is 0.74%, slightly higher than the West Virginia state median of 0.72% but still below the national median of 0.99%. With a median home value of $30,600 in Crum, the typical annual property tax bill is around $193, significantly lower than the national median of $2,690. Property taxes in Crum are calculated based on the tax assessed value, which often falls below market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Crum'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 Crum or another part of Wayne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Crum, 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 Crum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crum 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 Crum, West Virginia
Property taxes in Crum, West Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency response. The median tax rate in Crum is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Crum set these rates annually, and they can vary across different neighborhoods. Each year, Crum 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 Crum's effective property tax rate to other areas in Wayne County and the national median. For comparison, the region with the highest median property tax rate within Wayne County is also Crum, with a median property tax rate of 0.74%, while the lowest median tax rate is also found in Crum at 0.74%. Understanding how Crum compares with other areas provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Crum Tax Rate
0.74%
Average Wayne County Tax Rate
0.74%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crum, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25669 | 0.19% | 0.67% | 0.74% | 0.74% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Crum, West Virginia
In Crum, 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 Wayne 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 Crum, 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 Crum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Crum's highest and lowest median tax bills are both $193 in the 25669 zip code, illustrating the uniformity in property tax assessments within the area.
Average Crum Assessed Value
$30,600
Average Wayne County Assessed Value
$57,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crum, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25669 | $2,460 | $12,500 | $30,600 | $54,900 | $96,440 |
Source: Ownwell
Property Tax Bills Across Crum, West Virginia
In the city of Crum, located in Wayne County, WV, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in Crum typically see property tax bills that can vary significantly. For instance, the tax bill at the 25th percentile is about $88, while at the 75th percentile, it rises to $389, and at the 90th percentile, it can reach up to $710. These figures are influenced by the median home price in Crum, which is $30,600. The assessed value is determined by the local county assessor, who evaluates the property's market value and applies the appropriate assessment ratio. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Homeowners in Crum should note that while their property tax rate might seem high compared to the national median property tax rate of 0.99%, the actual tax amount paid is relatively modest due to the lower median home prices in the area. This system ensures that property taxes are proportionate to the value of the property, allowing for fair contributions to local services and infrastructure.
Average Crum Tax Bill
$193
Average Wayne County Tax Bill
$426
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Crum, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25669 | $44 | $88 | $193 | $389 | $710 |
Source: Ownwell