Millwood, West Virginia Property Taxes
The median property tax rate in Millwood, WV is 0.75%, which is lower than the national median of 0.99% but slightly higher than the West Virginia state median of 0.72%. With a median home value of $86,500 in Millwood, the typical annual property tax bill amounts to $611, significantly below the national median of $2,690. Property taxes in Millwood are calculated based on the tax assessed value, which is generally lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Millwood'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 Millwood or another part of Jackson County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millwood, 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 Millwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millwood 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 Millwood, West Virginia
Property taxes in Millwood, 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 Millwood is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Millwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millwood 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 Millwood's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 25262 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Millwood 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 Millwood 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 Millwood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25262 | 0.45% | 0.57% | 0.75% | 0.75% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Millwood, West Virginia
In Millwood, 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 Millwood, 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. For instance, the median home price in Millwood is $86,500, with tax bills ranging from $338 at the 25th percentile to $1,140 at the 90th percentile. The highest and lowest median tax bills are both $611, found in the 25262 zip code. 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 Millwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Millwood Assessed Value
$86,500
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 Millwood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25262 | $18,800 | $49,850 | $86,500 | $117,550 | $152,500 |
Source: Ownwell
Property Tax Bills Across Millwood, West Virginia
In Millwood, property tax bills are calculated based on the assessed value of a home, which is determined by the Jackson County Assessor's office. The assessment process involves evaluating various factors such as the property's market value, location, and any improvements made to it. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Millwood, the median home price is $86,500. Property tax bills can vary significantly, with the 25th percentile at $338 and the 75th percentile reaching $824. At the 90th percentile, homeowners might see tax bills as high as $1,140. These figures illustrate the range of potential tax liabilities, which can impact homeowners' budgets and financial planning. Comparatively, the national median property tax rate stands at 0.99%, making it essential for Millwood residents to understand how their local tax rates and assessed values affect their annual property tax obligations.
Average Millwood Tax Bill
$611
Average Jackson County Tax Bill
$636
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Millwood, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25262 | $154 | $338 | $611 | $824 | $1,140 |
Source: Ownwell