Ramsey, West Virginia Property Taxes
The median property tax rate in Ramsey, 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 $38,100 in Ramsey, the typical annual property tax bill is $293, significantly below the national median of $2,690. Property taxes in Ramsey are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Ramsey's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Ramsey or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ramsey, 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 Ramsey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ramsey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ramsey 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 Ramsey, West Virginia
Property taxes in Ramsey, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ramsey is 0.53%, which is lower than the West Virginia state median of 0.55% and significantly below the U.S. national median of 0.99%. Local government entities within Ramsey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ramsey 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 Ramsey's effective property tax rate to other counties in West Virginia and the national median. For comparison, ZIP code 25840 in Fayette County has the highest median property tax rate of 0.55%, while ZIP code 25938 has the lowest median tax rate of 0.51%. Understanding how these cities compare with Ramsey 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 Ramsey 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 Ramsey, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25938 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Ramsey, West Virginia
In Ramsey, 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. 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 Ramsey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Ramsey, the median home price is $38,100, with the highest and lowest median tax bill being $293 in zip code 25938. This information can help homeowners anticipate their tax obligations and explore potential savings.
Average Ramsey Assessed Value
$38,100
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 Ramsey, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25938 | $38,100 | $38,100 | $38,100 | $38,100 | $38,100 |
Source: Ownwell
Property Tax Bills Across Ramsey, West Virginia
In Ramsey, located in Fayette County, WV, property tax bills are determined based on the assessed value of a home. The assessed value is a percentage of the market value, which is periodically evaluated by local assessors. For example, the median home price in Ramsey is $38,100. Property taxes are then calculated by applying the local tax rate to this assessed value. For homeowners in Ramsey, the tax bills at the 25th, 75th, and 90th percentiles are all $293, indicating a consistent tax rate across different property values. This uniformity simplifies financial planning for residents. Compared to the national median property tax rate of 0.99%, Ramsey's property tax rate is relatively low, making it an attractive location for homeowners seeking affordability. The highest and lowest median tax bills in the area are also both $293, highlighting the stability in property tax costs. This stability can be beneficial for budgeting and long-term financial planning for homeowners in Ramsey.
Average Ramsey Tax Bill
$293
Average Fayette County Tax Bill
$424
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Ramsey, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25938 | $293 | $293 | $293 | $293 | $293 |
Source: Ownwell