Kincaid, West Virginia Property Taxes
The median property tax rate in Kincaid, 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 Kincaid at $29,150, the typical annual property tax bill is around $185, significantly below the national median of $2,690. Property taxes in Kincaid are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Kincaid's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Kincaid or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kincaid, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$224
Ownwell’s Kincaid Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kincaid with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kincaid 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 Kincaid, West Virginia
Property taxes in Kincaid, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kincaid is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Kincaid set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kincaid 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 Kincaid's effective property tax rate to other areas in Fayette County and the national median. For comparison, the 25119 zip code has the same median property tax rate of 0.77%. Understanding how these areas compare with Kincaid 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 Kincaid 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 Kincaid, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25119 | 0.20% | 0.77% | 0.77% | 0.84% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Kincaid, West Virginia
In Kincaid, 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 Kincaid, 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 Kincaid helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Kincaid is $185.00 in the zip code 25119, while the lowest median tax bill is also $185.00 in the same zip code.
Average Kincaid Assessed Value
$29,150
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 Kincaid, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25119 | $3,770 | $12,725 | $29,150 | $44,075 | $63,490 |
Source: Ownwell
Property Tax Bills Across Kincaid, West Virginia
In Kincaid, Fayette County, WV, property tax bills are calculated based on the assessed value of a property, which is determined by local tax assessors. The median home price in Kincaid is $29,150, a figure significantly lower than the national median. This lower home value results in relatively modest property tax bills. For instance, homeowners at the 25th percentile can expect to pay around $70, while those at the 75th percentile pay approximately $319. At the 90th percentile, the tax bill can go up to $472. The assessed value, combined with the local tax rate, determines the final tax bill. This rate is applied uniformly, but the resulting tax amounts vary based on property values. Despite the lower home prices, property taxes still represent a crucial expense for homeowners, impacting their overall financial planning. Understanding these factors can help homeowners in Kincaid better anticipate their annual tax obligations and manage their budgets more effectively.
Average Kincaid Tax Bill
$185
Average Fayette County Tax Bill
$424
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Kincaid, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25119 | $26 | $70 | $185 | $319 | $472 |
Source: Ownwell