Itmann, West Virginia Property Taxes
The median property tax rate in Itmann, WV is 0.68%, which is 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 Itmann at $22,100, the typical annual property tax bill reaches $181, significantly below the national median of $2,690. Property taxes in Itmann 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 Itmann'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 Itmann 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
Itmann, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$150
Ownwell’s Itmann Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Itmann with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Itmann 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 Itmann, West Virginia
Property taxes in Itmann, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Itmann is 0.68%, lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Itmann set these rates annually, and they can vary significantly across different neighborhoods. Each year, Itmann 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 Itmann's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 24847 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Itmann provides valuable insights into the varying tax landscape across Wyoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Itmann Tax Rate
0.68%
Average Wyoming County Tax Rate
0.68%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Itmann, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24847 | 0.68% | 0.68% | 0.68% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Itmann, West Virginia
In Itmann, 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 local 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 Itmann, 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 Itmann helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $181.00 in zip code 24847, while the lowest median tax bill is also $181.00 in the same zip code.
Average Itmann Assessed Value
$22,100
Average Wyoming County Assessed Value
$25,000
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Itmann, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24847 | $9,500 | $16,450 | $22,100 | $27,200 | $33,200 |
Source: Ownwell
Property Tax Bills Across Itmann, West Virginia
In Itmann, located in Wyoming County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is typically a percentage of the property's market value. Homeowners in Itmann can expect a median property tax bill around $181, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, such as the property's size, age, location, and any improvements made. For example, homes in the 25th percentile of tax bills pay around $123, while those in the 75th percentile pay approximately $265. The top 10% of property tax bills can reach up to $335. These property tax bills can impact homeowners by affecting their monthly mortgage payments and the overall cost of owning a home. Lower property taxes can make homeownership more affordable, but they also reflect the lower median home price of $22,100 in the area.
Average Itmann Tax Bill
$181
Average Wyoming County Tax Bill
$190
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Itmann, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24847 | $48 | $123 | $181 | $265 | $335 |
Source: Ownwell