Deep Water, West Virginia Property Taxes
The median property tax rate in Deep Water, WV is 0.77%, slightly lower than the national median of 0.99% but higher than the West Virginia state median of 0.72%. With the median home value in Deep Water at $27,900, the typical annual property tax bill is around $195, significantly below the national median of $2,690. Property taxes in Deep Water are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural land. Understanding Deep Water's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Deep Water or another part of Fayette County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Deep Water, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$215
Ownwell’s Deep Water Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deep Water with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deep Water 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 Deep Water, West Virginia
Property taxes in Deep Water, 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 Deep Water is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Deep Water set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deep Water 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 Deep Water's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 25057 has both the highest and lowest median property tax rate of 0.77%. Understanding how these areas compare with Deep Water provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deep Water Tax Rate
0.77%
Average Fayette County Tax Rate
0.77%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deep Water, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25057 | 0.20% | 0.77% | 0.77% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Deep Water, West Virginia
In Deep Water, 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 Fayette 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 Deep Water, 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 in Deep Water helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $195.00 in zip code 25057, which is also the lowest median tax bill recorded.
Property Tax Assessment Values Across Deep Water, West Virginia
Source: Ownwell
$14,400
$74,050
$133,700
Average Deep Water Assessed Value
$27,900
Average Fayette County Assessed Value
$52,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deep Water, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25057 | $8,140 | $17,700 | $27,900 | $42,950 | $51,780 |
Source: Ownwell
Property Tax Bills Across Deep Water, West Virginia
In Deep Water, Fayette County, WV, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is a percentage of the property's market value, which is determined by the county assessor. Once the assessed value is established, the local tax rate, set by various taxing authorities, is applied to calculate the property tax bill. Factors such as property improvements, neighborhood trends, and market conditions can influence the assessed value. For homeowners in Deep Water, the median home price is $27,900, which is considerably lower than the national median. Consequently, property tax bills in this area also tend to be lower. For instance, the 25th percentile tax bill is $137, while the 75th percentile is $322, and the 90th percentile reaches $420. Understanding these factors is crucial for homeowners as property taxes directly impact annual housing costs and overall affordability. Lower property values in Deep Water result in more manageable tax bills compared to the national median property tax rate of 0.99%.
Average Deep Water Tax Bill
$195
Average Fayette County Tax Bill
$424
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Deep Water, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25057 | $73 | $137 | $195 | $322 | $420 |
Source: Ownwell