Fairlea, West Virginia Property Taxes
The median property tax rate in Fairlea, WV is 0.86%, slightly lower than the national median of 0.99% but higher than the West Virginia state median of 0.72%. With the median home value in Fairlea at $103,900, the typical annual property tax bill is $712, which is significantly below the national median of $2,690. Property taxes in Fairlea are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Fairlea'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 Fairlea or another part of Greenbrier County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairlea, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$894
Ownwell’s Fairlea Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairlea with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairlea 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 Fairlea, West Virginia
Property taxes in Fairlea, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairlea is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Fairlea set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairlea 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 Fairlea's effective property tax rate to other areas in West Virginia and the national median. For comparison, the 24902 zip code has both the highest and lowest median property tax rate of 0.86%. Understanding how these areas compare with Fairlea provides valuable insights into the varying tax landscape across Greenbrier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairlea Tax Rate
0.86%
Average Greenbrier County Tax Rate
0.57%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairlea, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24902 | 0.51% | 0.55% | 0.86% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Fairlea, West Virginia
In Fairlea, 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 Greenbrier 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 Fairlea, 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 Fairlea helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fairlea is $103,900, with tax bills ranging from $402 at the 25th percentile to $995 at the 75th percentile. The highest and lowest median tax bills are both $712, found in the 24902 zip code.
Average Fairlea Assessed Value
$103,900
Average Greenbrier County Assessed Value
$70,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairlea, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24902 | $24,700 | $35,050 | $103,900 | $181,950 | $208,860 |
Source: Ownwell
Property Tax Bills Across Fairlea, West Virginia
In Fairlea, located in Greenbrier County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $103,900 in Fairlea, homeowners can expect their tax bills to vary significantly. The tax bill at the 25th percentile is approximately $402, while at the 75th percentile, it reaches around $995, and at the 90th percentile, it can go up to $1063. These property tax bills are influenced by various factors, including changes in property values and local tax rates. For homeowners, this means that their annual financial obligations can fluctuate, impacting their overall budget. Comparatively, the national median property tax rate stands at 0.99%, which provides a benchmark for understanding how Fairlea's property taxes stack up against broader trends.
Average Fairlea Tax Bill
$712
Average Greenbrier County Tax Bill
$454
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairlea, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24902 | $283 | $402 | $712 | $995 | $1,063 |
Source: Ownwell