Wyoming, West Virginia Property Taxes
The median property tax rate in Wyoming, WV is 0.68%, lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Wyoming, the typical annual property tax bill reaches $148, significantly below the national median of $2,690. Property taxes in Wyoming are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wyoming'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 Wyoming 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
Wyoming, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$142
Ownwell’s Wyoming Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wyoming with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wyoming 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 Wyoming, West Virginia
Property taxes in Wyoming, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wyoming is 0.68%, lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Wyoming set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wyoming 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 Wyoming's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 24898 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 Wyoming 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 Wyoming 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 Wyoming, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24898 | 0.27% | 0.68% | 0.68% | 0.68% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Wyoming, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wyoming, West Virginia. 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. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Wyoming, the median home price is $20,950. The highest median tax bill is $148 in the 24898 zip code, while the lowest median tax bill is also $148 in the same zip code. By staying informed, homeowners can effectively manage and potentially reduce their property tax expenses.
Average Wyoming Assessed Value
$20,950
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 Wyoming, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24898 | $4,290 | $11,200 | $20,950 | $43,775 | $57,920 |
Source: Ownwell
Property Tax Bills Across Wyoming, West Virginia
In Wyoming, WV, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $20,950. Property taxes are then determined by applying the local tax rate to this assessed value. For example, a homeowner in Wyoming, WV, with a property assessed at the median home price can expect to pay a tax bill ranging from $79 at the 25th percentile to $245 at the 75th percentile, with the 90th percentile reaching up to $383. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. Homeowners may find that their property tax bills can significantly impact their annual budgets. Compared to the national median property tax rate of 0.99%, Wyoming, WV, offers relatively affordable property taxes, making it a potentially attractive location for homeowners looking to minimize their tax burden.
Average Wyoming Tax Bill
$148
Average Wyoming County Tax Bill
$190
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Wyoming, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24898 | $37 | $79 | $148 | $245 | $383 |
Source: Ownwell