Inwood, West Virginia Property Taxes
The median property tax rate in Inwood, WV is 0.76%, notably lower than the national median of 0.99% but slightly higher than the West Virginia state median of 0.72%. With the median home value in Inwood at $189,500, the typical annual property tax bill amounts to $1,514, which is below the national median of $2,690. Property taxes in Inwood 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 Inwood'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 Inwood or another part of Berkeley County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Inwood, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,440
Ownwell’s Inwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Inwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Inwood 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 Inwood, West Virginia
Property taxes in Inwood, West Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Inwood is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Inwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Inwood 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 Inwood's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25428 zip code has the highest median property tax rate of 0.76%, while the 25428 zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Inwood 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 Inwood 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 Inwood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25428 | 0.63% | 0.76% | 0.76% | 0.76% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Inwood, West Virginia
In Inwood, 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 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 Inwood, 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 in Inwood is $189,500, with tax bills ranging from $1,125 at the 25th percentile to $2,539 at the 90th percentile. The highest and lowest median tax bill in the area is $1,514, both found in zip code 25428. By understanding 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 Inwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Inwood Assessed Value
$189,500
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 Inwood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25428 | $71,900 | $144,400 | $189,500 | $247,450 | $310,440 |
Source: Ownwell
Property Tax Bills Across Inwood, West Virginia
In Inwood, Berkeley County, WV, property tax bills are primarily calculated based on the assessed value of a home. This assessed value is typically a percentage of the property’s market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Factors influencing the tax bill include the property's location, size, and any applicable exemptions. Homeowners in Inwood can expect varying tax bills depending on their property's assessed value. For example, the median home price in the area is $189,500. At the 25th percentile, tax bills are around $1,125, while at the 75th percentile, they can reach up to $2,003. The 90th percentile sees tax bills as high as $2,539. This range highlights how property values and local tax rates can significantly impact the financial burden on homeowners. Compared to the national median property tax rate of 0.99%, Inwood’s tax rates can be either a relief or a burden, depending on the specific circumstances of each homeowner.
Average Inwood Tax Bill
$1,514
Average Berkeley County Tax Bill
$1,510
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Inwood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25428 | $621 | $1,125 | $1,514 | $2,003 | $2,539 |
Source: Ownwell