Fayetteville, West Virginia Property Taxes
The median property tax rate in Fayetteville, WV is 0.77%, which is lower than the national median of 0.99% but slightly higher than the West Virginia state median of 0.72%. With a median home value of $73,900 in Fayetteville, the typical annual property tax bill amounts to $615, significantly below the national median of $2,690. Property taxes in Fayetteville are determined based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Fayetteville's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Fayetteville or another part of the city, a thorough grasp of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fayetteville, West Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,440
Ownwell’s Fayetteville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fayetteville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayetteville 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 Fayetteville, West Virginia
Property taxes in Fayetteville, 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 Fayetteville is 0.77%, which is below the U.S. national median of 0.99%. Local government entities within Fayetteville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayetteville 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 Fayetteville's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 25840 has both the highest and lowest median property tax rate of 0.77%, as it represents the same area. Understanding how these cities compare with Fayetteville 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 Fayetteville 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 Fayetteville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25840 | 0.43% | 0.69% | 0.77% | 0.98% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Fayetteville, West Virginia
In Fayetteville, 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 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. In Fayetteville, 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 Fayetteville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Fayetteville is $615 in the 25840 zip code, while the lowest median tax bill is also $615 in the same zip code.
Property Tax Assessment Values Across Fayetteville, West Virginia
Source: Ownwell
$14,400
$74,050
$133,700
Average Fayetteville Assessed Value
$73,900
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 Fayetteville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25840 | $16,120 | $40,500 | $73,900 | $118,300 | $193,640 |
Source: Ownwell
Property Tax Bills Across Fayetteville, West Virginia
In Fayetteville, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Fayetteville, the median home price is $73,900. Property tax bills can vary significantly, with the 25th percentile at $302 and the 75th percentile reaching $1,062. The 90th percentile tax bill can be as high as $1,763. Factors that influence these tax bills include the market value of the property, any applicable exemptions, and the specific tax rates set by local authorities. For instance, the highest median tax bill in the area is $615, found in the 25840 zip code. This variation affects homeowners by impacting their annual financial planning and housing affordability. Compared to the national median property tax rate of 0.99%, Fayetteville's property taxes provide a unique landscape for residents.
Average Fayetteville Tax Bill
$615
Average Fayette County Tax Bill
$424
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayetteville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25840 | $128 | $302 | $615 | $1,062 | $1,763 |
Source: Ownwell