Mc Graws, West Virginia Property Taxes
The median property tax rate in MC GRAWS, WV is 0.68%, 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 $39,100 in MC GRAWS, the typical annual property tax bill is $311, significantly below the national median of $2,690. Property taxes in MC GRAWS are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding MC GRAWS'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 MC GRAWS or another part of Wyoming County, grasping the local property tax system will be beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Graws, 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 MC GRAWS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC GRAWS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC GRAWS 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 Mc Graws, West Virginia
Property taxes in Mc Graws, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mc Graws is 0.68%, lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Mc Graws set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mc Graws 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 Mc Graws' effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25875 zip code has the highest median property tax rate of 0.68%, while the 25876 zip code has the lowest median tax rate of 0.55%. Understanding how these cities compare with Mc Graws 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 Mc Graws 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 Mc Graws, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25875 | 0.63% | 0.68% | 0.68% | 0.68% | 0.89% |
| 25876 | 0.44% | 0.48% | 0.55% | 0.61% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Mc Graws, West Virginia
In MC GRAWS, 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 Wyoming 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. 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. For instance, in MC GRAWS, the highest median tax bill is $462.00 in the 25876 zip code, while the lowest is $285.00 in the 25875 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mc Graws Assessed Value
$39,100
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 Mc Graws, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25875 | $7,270 | $23,800 | $34,650 | $45,625 | $68,110 |
| 25876 | $36,460 | $43,750 | $65,800 | $84,075 | $84,570 |
Source: Ownwell
Property Tax Bills Across Mc Graws, West Virginia
In Mc Graws, 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 a percentage of the market value, reflecting the property's worth in the current real estate market. Homeowners in Mc Graws can expect a median home price of $39,100. The property tax rate in this area contributes to a range of tax bills, with the 25th percentile at $237 and the 75th percentile at $348. For those in the 90th percentile, property tax bills can reach up to $482. Comparing these figures to the national median property tax rate of 0.99%, homeowners in Mc Graws generally face lower tax bills. However, the highest median tax bill in the region, found in zip code 25876, is $462, while the lowest median tax bill, in zip code 25875, is $285. These variances highlight how local factors, such as specific property values and assessment practices, can significantly impact what homeowners owe annually.
Average Mc Graws Tax Bill
$311
Average Wyoming County Tax Bill
$190
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Graws, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25875 | $41 | $224 | $285 | $312 | $378 |
| 25876 | $368 | $403 | $462 | $521 | $556 |
Source: Ownwell