Fairplain, West Virginia Property Taxes
The median property tax rate in Fairplain, WV is 0.75%, slightly higher than the state median of 0.72% but still below the national median of 0.99%. With a median home value of $111,200 in Fairplain, the typical annual property tax bill amounts to $831, which is significantly lower than the national median of $2,690. Property taxes in Fairplain are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Fairplain'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 Fairplain 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
Fairplain, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$834
Ownwell’s Fairplain Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairplain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairplain 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 Fairplain, West Virginia
Property taxes in Fairplain, 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 Fairplain is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Fairplain set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairplain 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 Fairplain's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 25271 in Jackson County has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Fairplain provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairplain Tax Rate
0.75%
Average Jackson County Tax Rate
0.75%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairplain, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25271 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Fairplain, West Virginia
In Fairplain, 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 Jackson 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 Fairplain, 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 Fairplain helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Fairplain both stand at $831, specifically in the 25271 zip code.
Average Fairplain Assessed Value
$111,200
Average Jackson County Assessed Value
$84,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairplain, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25271 | $111,200 | $111,200 | $111,200 | $111,200 | $111,200 |
Source: Ownwell
Property Tax Bills Across Fairplain, West Virginia
In Fairplain, Jackson County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The median home price in Fairplain stands at $111,200. To determine the tax bill, the assessed value is multiplied by the local property tax rate. For Fairplain, the tax bill for various percentiles, including the 25th, 75th, and 90th, is consistently $831, reflecting a uniform tax rate application. Factors considered in the assessment include the property's market value, improvements, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Fairplain’s property tax rate results in a relatively modest tax bill, making it more affordable for homeowners. This consistency in tax bills provides predictability for residents, allowing for better financial planning and stability. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances effectively.
Average Fairplain Tax Bill
$831
Average Jackson County Tax Bill
$636
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairplain, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25271 | $831 | $831 | $831 | $831 | $831 |
Source: Ownwell