Carolina, West Virginia Property Taxes
The median property tax rate in Carolina, WV is 0.74%, slightly higher than the state median of 0.72% but lower than the national median of 0.99%. With a median home value of $59,400 in Carolina, the typical annual property tax bill is around $452, significantly below the national median of $2,690. Property taxes in Carolina are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Carolina's property tax system, exploring available exemptions, and seeking opportunities for reductions can result in substantial annual savings. Whether you're residing in the heart of Carolina or elsewhere in the city, gaining a thorough understanding of the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Carolina, 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 Carolina Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Carolina. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Carolina 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 detailed insights, you can delve into neighborhood-specific trends by scrolling down. Remember, your property’s assessed value is determined by the county for tax purposes, and it takes into account any applicable exemptions.
Property Tax Rates Across Carolina, West Virginia
Property taxes in Carolina, 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 Carolina is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Carolina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carolina 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 Carolina's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 26563 has the highest median property tax rate of 0.74%, while the lowest median tax rate is also 0.74% in the same zip code. Understanding how these cities compare with Carolina provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carolina Tax Rate
0.74%
Average Marion County Tax Rate
0.74%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carolina, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26563 | 0.33% | 0.56% | 0.74% | 1.48% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Carolina, West Virginia
In Carolina, 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 Marion 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 Carolina, 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 Carolina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 26563, with a median bill of $452.
Average Carolina Assessed Value
$59,400
Average Marion County Assessed Value
$104,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carolina, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26563 | $21,300 | $41,400 | $59,400 | $77,750 | $99,300 |
Source: Ownwell
Property Tax Bills Across Carolina, West Virginia
Property tax bills in Carolina, WV, are calculated based on the assessed value of the property. The assessed value is a percentage of the market value, determined by the county assessor's office. Various factors such as property location, size, and improvements are considered to determine this value. For homeowners in Carolina, the median home price is $59,400. Property tax bills can vary significantly; for instance, the 25th percentile tax bill is $285, while the 75th percentile tax bill is $640, and the 90th percentile tax bill reaches $815. Comparatively, the national median property tax rate is 0.99%, which helps put these figures into perspective. High property taxes can impact homeowners by increasing their annual expenses, potentially affecting their ability to afford other necessities or save for the future. On the other hand, these taxes fund essential public services like schools, emergency services, and infrastructure, contributing to the community's overall well-being.
Average Carolina Tax Bill
$452
Average Marion County Tax Bill
$886
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Carolina, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26563 | $154 | $285 | $452 | $640 | $815 |
Source: Ownwell