Folsom, West Virginia Property Taxes
The median property tax rate in Folsom, WV is 0.69%, 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 $48,600 in Folsom, the typical annual property tax bill amounts to $310, significantly below the national median of $2,690. Property taxes in Folsom are determined based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. By gaining a thorough understanding of Folsom's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in the heart of Folsom or in another part of Wetzel County, familiarizing yourself with the local property tax system will prove beneficial.
Last Updated June 14, 2024
Folsom, 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 Folsom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Folsom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Folsom 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 Folsom, West Virginia
Property taxes in Folsom, West Virginia, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Folsom is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Folsom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Folsom 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 Folsom's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26348 has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Folsom provides valuable insights into the varying tax landscape across Wetzel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Folsom Tax Rate
0.69%
Average Wetzel County Tax Rate
0.69%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Folsom, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26348 | 0.24% | 0.46% | 0.69% | 0.69% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Folsom, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Folsom, WV. 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 Wetzel 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 Folsom, 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 Folsom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the region is $310 in the 26348 zip code, while the lowest is also $310 in the same zip code.
Average Folsom Assessed Value
$48,600
Average Wetzel County Assessed Value
$72,300
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Folsom, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26348 | $10,000 | $23,950 | $48,600 | $83,050 | $120,700 |
Source: Ownwell
Property Tax Bills Across Folsom, West Virginia
In Folsom, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. The median home price in Folsom is $48,600, and the tax bills vary significantly. For instance, the 25th percentile tax bill is $127, while the 75th percentile reaches up to $543. At the higher end, the 90th percentile tax bill is $857. These variations depend on the property's location, size, and other contributing factors. Compared to the national median property tax rate of 0.99%, Folsom's rates can be considered relatively moderate, but they still have a notable impact on homeowners. Property taxes contribute to local services and infrastructure, affecting the overall cost of homeownership in the area.
Average Folsom Tax Bill
$310
Average Wetzel County Tax Bill
$518
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Folsom, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26348 | $54 | $127 | $310 | $543 | $857 |
Source: Ownwell