Victor, West Virginia Property Taxes
The median property tax rate in Victor, WV is 0.77%, slightly below the national median of 0.99% but higher than the West Virginia state median of 0.72%. With a median home value of $66,200 in Victor, the typical annual property tax bill amounts to $502, significantly lower than the national median of $2,690. Property taxes in Victor are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Victor'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 Victor or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Victor, 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 VICTOR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in VICTOR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in VICTOR 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 Victor, West Virginia
Property taxes in Victor, 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 Victor is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Victor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Victor 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 Victor's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 25938 has the highest median property tax rate of 0.77%, while the lowest median tax rate is also 0.77%. Understanding how these areas compare with Victor 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 Victor 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 Victor, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25938 | 0.40% | 0.62% | 0.77% | 0.77% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Victor, West Virginia
In Victor, 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 Victor, 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. The median home price in Victor is $66,200, with tax bills ranging from $256 at the 25th percentile to $1,267 at the 90th percentile. Being aware of these valuation processes in Victor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Victor Assessed Value
$66,200
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 Victor, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25938 | $12,880 | $36,450 | $66,200 | $111,500 | $159,680 |
Source: Ownwell
Property Tax Bills Across Victor, West Virginia
In Victor, Fayette County, WV, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and typically reflects a percentage of the property's market value. For instance, with a median home price of $66,200, homeowners can expect their taxes to be derived from this assessed valuation. The tax rate in Victor is applied to the assessed value to determine the annual tax bill. Various factors influence the final tax amount, including property size, location, and any applicable exemptions or deductions. In Victor, the tax bill varies significantly, with the 25th percentile at $256 and the 75th percentile at $856, showcasing the range homeowners might encounter. Compared to the national median property tax rate of 0.99%, Victor's tax rates may seem more favorable, but they still represent a significant expense for homeowners. The highest median tax bill in the area is $502, indicating that even within the same county, property tax burdens can vary widely. Understanding these factors is essential for homeowners to budget effectively and anticipate their annual property tax obligations.
Average Victor Tax Bill
$502
Average Fayette County Tax Bill
$424
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Victor, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25938 | $108 | $256 | $502 | $856 | $1,267 |
Source: Ownwell