Tanner, West Virginia Property Taxes
The median property tax rate in Tanner, WV is 1.12%, considerably higher than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Tanner at $73,300, the typical annual property tax bill reaches $652, which is below the national median of $2,690. Property taxes in Tanner are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tanner'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 Tanner 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
Tanner, 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 Tanner Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Tanner with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Tanner to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, allowing you to plan your finances better. For those interested in neighborhood-level trends, additional localized information is available as you scroll down. Your property's assessed value, determined by the county for tax calculations, includes any applicable exemptions.
Property Tax Rates Across Tanner, West Virginia
Property taxes in Tanner, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tanner is 0.58%, significantly lower than both the West Virginia state median of 0.59% and the U.S. national median of 0.99%. Local government entities within Tanner set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tanner 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 Tanner's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26137 zip code has the highest median property tax rate of 0.58%, while the 26137 zip code has the lowest median tax rate of 0.58%. Understanding how these cities compare with Tanner provides valuable insights into the varying tax landscape across Gilmer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tanner Tax Rate
1.12%
Average Gilmer County Tax Rate
0.56%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tanner, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26137 | 0.56% | 0.56% | 1.12% | 1.12% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Tanner, West Virginia
In Tanner, 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 authority 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 Tanner, 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 Tanner helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Tanner is $73,300, with tax bills ranging from $382 at the 25th percentile to $1,192 at the 90th percentile. The zip code with the highest and lowest median tax bill is 26137, both at $652.
Average Tanner Assessed Value
$73,300
Average Gilmer County Assessed Value
$54,050
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tanner, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26137 | $27,720 | $44,350 | $73,300 | $101,050 | $125,900 |
Source: Ownwell
Property Tax Bills Across Tanner, West Virginia
In Tanner, located in Gilmer County, WV, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Tanner is $73,300. Property tax rates in this region can vary, but the median tax bill is around $652, which is relatively lower compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. For instance, homeowners in the 25th percentile of tax bills pay approximately $382, while those in the 75th percentile pay around $811, and the 90th percentile sees bills up to $1,192. These variations can significantly impact homeowners, with higher-valued properties incurring higher tax bills. Understanding these factors helps homeowners plan their finances better and potentially seek exemptions or appeals to reduce their tax burdens.
Average Tanner Tax Bill
$652
Average Gilmer County Tax Bill
$350
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Tanner, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26137 | $273 | $382 | $652 | $811 | $1,192 |
Source: Ownwell