Falling Waters, West Virginia Property Taxes
The median property tax rate in Falling Waters, WV is 0.76%, slightly higher than the state median of 0.72% but still below the national median of 0.99%. With a median home value of $209,500 in Falling Waters, the typical annual property tax bill is approximately $1,570, which is lower than the national median of $2,690. Property taxes in Falling Waters are calculated based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Falling Waters' property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether residing in Falling Waters or another part of Berkeley County, gaining insight into the local property tax system is essential for financial planning and investment strategies.
Last Updated June 14, 2024
Falling Waters, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,592
Ownwell’s Falling Waters Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Falling Waters with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Falling Waters 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 Falling Waters, West Virginia
Property taxes in Falling Waters, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falling Waters is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Falling Waters set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falling Waters 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 Falling Waters' effective property tax rate to other regions and the national median. For comparison, the zip code 25419 has the highest median property tax rate of 0.76%, while the lowest median tax rate is also 0.76%. Understanding how these areas compare with Falling Waters provides valuable insights into the varying tax landscape across Berkeley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falling Waters Tax Rate
0.76%
Average Berkeley County Tax Rate
0.76%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falling Waters, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25419 | 0.65% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Falling Waters, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Falling Waters, 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 Berkeley 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 Falling Waters, 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. For example, the median home price is $209,500, with tax bills ranging from $713 at the 25th percentile to $2,910 at the 90th percentile. The zip code 25419 has both the highest and lowest median tax bill of $1,570. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Falling Waters, West Virginia
Source: Ownwell
$129,800
$206,700
$283,600
Average Falling Waters Assessed Value
$209,500
Average Berkeley County Assessed Value
$188,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Falling Waters, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25419 | $12,000 | $79,700 | $209,500 | $277,000 | $366,800 |
Source: Ownwell
Property Tax Bills Across Falling Waters, West Virginia
In Falling Waters, WV, property tax bills are determined by multiplying the assessed value of a home by the local tax rate set by Berkeley County. The assessed value is a percentage of the market value, which is periodically evaluated by county assessors. For instance, with a median home price of $209,500, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $713, while those in the 75th percentile see bills closer to $2,196. At the 90th percentile, tax bills can reach up to $2,910. Factors such as property improvements, market conditions, and neighborhood developments can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, the tax rates in Berkeley County can result in varying financial impacts for homeowners. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Falling Waters Tax Bill
$1,570
Average Berkeley County Tax Bill
$1,510
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Falling Waters, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25419 | $130 | $713 | $1,570 | $2,196 | $2,910 |
Source: Ownwell