Flatwoods, West Virginia Property Taxes
The median property tax rate in Flatwoods, WV is 0.46%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Flatwoods at $68,000, the typical annual property tax bill is $395, well below the national median of $2,690. Property taxes in Flatwoods 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 Flatwoods' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Flatwoods 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
Flatwoods, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$313
Ownwell’s Flatwoods Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flatwoods with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flatwoods 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 Flatwoods, West Virginia
Property taxes in Flatwoods, West Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Flatwoods is 0.46%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Flatwoods set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flatwoods 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 Flatwoods' effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 26621 has both the highest and lowest median property tax rate of 0.46%. Understanding how these areas compare with Flatwoods provides valuable insights into the varying tax landscape across Braxton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flatwoods Tax Rate
0.46%
Average Braxton County Tax Rate
0.46%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flatwoods, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26621 | 0.26% | 0.46% | 0.46% | 0.93% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Flatwoods, West Virginia
Understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes in Flatwoods, West Virginia. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Braxton County Assessor's Office 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 Flatwoods, 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. The median home price in Flatwoods is $68,000, with tax bills ranging from $221 at the 25th percentile to $1,002 at the 90th percentile. The zip code with the highest and lowest median tax bill is 26621, both at $395. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Flatwoods, West Virginia
Source: Ownwell
$27,000
$107,550
$188,100
Average Flatwoods Assessed Value
$68,000
Average Braxton County Assessed Value
$63,900
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flatwoods, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26621 | $21,920 | $41,700 | $68,000 | $101,000 | $165,860 |
Source: Ownwell
Property Tax Bills Across Flatwoods, West Virginia
In Flatwoods, located in Braxton County, 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 Flatwoods is $68,000. Property taxes are then determined by applying the local tax rate to this assessed value. For homeowners in Flatwoods, the tax bill varies significantly. For instance, those in the 25th percentile pay around $221, while those in the 75th percentile see bills closer to $643. At the 90th percentile, property tax bills can reach up to $1,002. This range indicates a considerable variance in tax obligations, influenced by factors such as property size, location, and improvements. The highest and lowest median tax bills in the area are both $395, reflecting a relatively uniform tax rate within this zip code. Compared to the national median property tax rate of 0.99%, Flatwoods presents an affordable option for homeowners, contributing to the overall cost of living and financial planning in the region.
Average Flatwoods Tax Bill
$395
Average Braxton County Tax Bill
$333
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Flatwoods, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26621 | $122 | $221 | $395 | $643 | $1,002 |
Source: Ownwell