Milam, West Virginia Property Taxes
The median property tax rate in MILAM, WV is 0.46%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $81,800 in MILAM, the typical annual property tax bill is $347, well below the national median of $2,690. Property taxes in MILAM are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding MILAM's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of MILAM or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milam, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$376
Ownwell’s Milam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milam 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 Milam, West Virginia
Property taxes in Milam, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milam is 0.46%, which is lower than the U.S. national median of 0.99%. Local government entities within Milam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milam 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 Milam's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26838 zip code has the highest median property tax rate of 0.46%, while the same zip code also has the lowest median tax rate of 0.46%. Understanding how these cities compare with Milam provides valuable insights into the varying tax landscape across Hardy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milam Tax Rate
0.46%
Average Hardy County Tax Rate
0.46%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milam, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26838 | 0.39% | 0.46% | 0.46% | 0.46% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Milam, West Virginia
In Milam, 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 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 Milam, 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 Milam helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Milam is $347 in the 26838 zip code, while the lowest is also $347 in the same zip code.
Average Milam Assessed Value
$81,800
Average Hardy County Assessed Value
$93,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milam, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26838 | $38,900 | $56,050 | $81,800 | $144,050 | $194,660 |
Source: Ownwell
Property Tax Bills Across Milam, West Virginia
In Milam, 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 property tax rate to determine the annual tax bill. For homeowners in Milam, the median home price stands at $81,800. Property tax bills can vary significantly within the area, with the 25th percentile tax bill at $243 and the 75th percentile reaching $595. At the 90th percentile, homeowners may see tax bills as high as $931. Comparatively, the highest median tax bill in the surrounding county, Hardy, is $347, which is considerably lower than the national median property tax rate of 0.99%. These tax bills can impact homeowners by influencing their overall housing costs, potentially affecting affordability and long-term financial planning. Understanding these factors is crucial for homeowners to effectively manage their expenses and plan for future property-related costs.
Average Milam Tax Bill
$347
Average Hardy County Tax Bill
$439
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Milam, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26838 | $159 | $243 | $347 | $595 | $931 |
Source: Ownwell