Bayard, West Virginia Property Taxes
The median property tax rate in Bayard, WV is 0.63%, considerably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Bayard at $32,100, the typical annual property tax bill is $164, which is significantly less than the national median of $2,690. Property taxes in Bayard are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bayard'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 Bayard 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
Bayard, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$202
-$2,119
Ownwell’s Bayard Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Bayard. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Bayard to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more granular data, you can explore neighborhood-level trends by scrolling down for localized information. Your property's assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Bayard, West Virginia
Property taxes in Bayard, West Virginia, play a crucial role in funding essential services such as public schools, road maintenance, and emergency services. The median tax rate in Bayard is 0.63%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Bayard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bayard 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 Bayard's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26707 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Bayard provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bayard Tax Rate
0.63%
Average Grant County Tax Rate
0.48%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bayard, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26707 | 0.18% | 0.63% | 0.63% | 0.63% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Bayard, West Virginia
In Bayard, 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 Grant 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 Bayard, 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. The median home price in Bayard is $32,100, with property tax bills ranging from $67 at the 25th percentile to $381 at the 90th percentile. 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 Bayard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bayard Assessed Value
$32,100
Average Grant County Assessed Value
$73,700
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bayard, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26707 | $5,600 | $18,050 | $32,100 | $43,400 | $54,400 |
Source: Ownwell
Property Tax Bills Across Bayard, West Virginia
Property tax bills in Bayard, located in Grant County, WV, are calculated based on the assessed value of a property, which is a percentage of its market value. The assessment rate in West Virginia is generally 60% of the market value. For instance, with a median home price of $32,100, the assessed value would be approximately $19,260. The property tax rate in Bayard is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including local levies and any applicable exemptions. Homeowners in Bayard can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is around $67, while the 75th percentile reaches $260, and the 90th percentile can go up to $381. Compared to the national median property tax rate of 0.99%, Bayard's rates are relatively modest, making it more affordable for homeowners. This lower tax burden can be particularly beneficial for residents, allowing them to allocate more of their budget to other expenses.
Average Bayard Tax Bill
$164
Average Grant County Tax Bill
$353
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Bayard, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26707 | $26 | $67 | $164 | $260 | $381 |
Source: Ownwell