Pax, West Virginia Property Taxes
The median property tax rate in PAX, WV is 0.77%, slightly below the national median of 0.99% but higher than the West Virginia state median of 0.72%. With the median home value in PAX at $64,700, the typical annual property tax bill amounts to $497, significantly lower than the national median of $2,690. Property taxes in PAX are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding PAX'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 PAX or another part of Fayette County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pax, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$498
Ownwell’s PAX Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PAX with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PAX 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 Pax, West Virginia
Property taxes in PAX, 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 PAX is 0.77%, which is below the U.S. national median of 0.99%. Local government entities within PAX set these rates annually, and they can vary significantly across different neighborhoods. Each year, PAX 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 PAX's effective property tax rate to other areas in Fayette County and the national median. For comparison, the 25904 zip code has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these areas compare with PAX 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 Pax 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 Pax, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25904 | 0.77% | 0.77% | 0.77% | 0.84% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Pax, West Virginia
In PAX, 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 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 PAX, 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 PAX helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $497, found in the 25904 zip code.
Average Pax Assessed Value
$64,700
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 Pax, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25904 | $50,540 | $55,850 | $64,700 | $79,550 | $88,460 |
Source: Ownwell
Property Tax Bills Across Pax, West Virginia
In PAX, Fayette County, 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 tax bill. For example, with a median home price of $64,700, homeowners can expect their tax bill to vary significantly. The 25th percentile tax bill is around $429, while the 75th percentile tax bill reaches $682. At the 90th percentile, the tax bill can be as high as $793. Factors that influence the tax bill include the home's market value, improvements made to the property, and any applicable exemptions. Homeowners in PAX face a median property tax rate that is quite competitive compared to the national median of 0.99%. Understanding these factors is crucial for homeowners to anticipate their financial responsibilities and potentially seek tax appeals or exemptions to reduce their tax burden.
Average Pax Tax Bill
$497
Average Fayette County Tax Bill
$424
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Pax, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25904 | $388 | $429 | $497 | $682 | $793 |
Source: Ownwell