Colfax, West Virginia Property Taxes
The median property tax rate in Colfax, WV is 0.74%, slightly higher than the West Virginia state median of 0.72% but still below the national median of 0.99%. With a median home value of $144,450 in Colfax, the typical annual property tax bill comes to $1,076, which is lower than the national median of $2,690. Property taxes in Colfax are 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 Colfax'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 Colfax or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colfax, 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 Colfax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colfax 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 Colfax, West Virginia
Property taxes in Colfax, West Virginia, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Colfax is 0.50%, significantly lower than both the West Virginia state median of 0.57% and the U.S. national median of 0.99%. Local government entities within Colfax set these rates annually, and they can vary across different neighborhoods. Each year, Colfax 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 Colfax's effective property tax rate to other counties in West Virginia and the national median. For comparison, the highest median property tax rate in the region is 0.72% in zip code 26037, while the lowest median tax rate is 0.31% in zip code 24981. Understanding how these cities compare with Colfax 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 Colfax 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 Colfax, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26566 | 0.58% | 0.74% | 0.74% | 1.30% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Colfax, West Virginia
In Colfax, 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 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 Colfax, 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 Colfax 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 26566, with a median tax bill of $1076, which is also the lowest median tax bill in the area.
Average Colfax Assessed Value
$144,450
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 Colfax, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26566 | $54,820 | $89,425 | $144,450 | $200,175 | $322,600 |
Source: Ownwell
Property Tax Bills Across Colfax, West Virginia
In Colfax, Marion County, WV, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Local tax authorities determine this assessed value and apply the county's tax rate to it. Homeowners in Colfax can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $829, while those in the 75th percentile pay approximately $1586. At the high end, the 90th percentile tax bill can reach up to $2391. The median home price in Colfax is $144,450, and the local property tax rate is slightly above the national median property tax rate of 0.99%. This means homeowners in Colfax might pay slightly more in property taxes compared to the national average. These tax bills fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding these factors can help homeowners anticipate their annual property tax obligations.
Average Colfax Tax Bill
$1,076
Average Marion County Tax Bill
$886
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Colfax, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26566 | $470 | $829 | $1,076 | $1,586 | $2,391 |
Source: Ownwell