Grafton, West Virginia Property Taxes
The median property tax rate in Grafton, 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 $237,050 in Grafton, the typical annual property tax bill amounts to $1,634, which is below the national median of $2,690. Property taxes in Grafton are based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. By understanding Grafton's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Grafton or another part of the city, being well-informed about the local property tax system is crucial for maximizing your financial benefits.
Last Updated June 14, 2024
Grafton, 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 Grafton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Grafton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grafton to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Grafton, West Virginia
Property taxes in Grafton, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grafton is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Grafton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grafton 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 Grafton's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26354 has both the highest and lowest median property tax rate of 0.74%, providing a consistent tax landscape within the area. Understanding how these cities compare with Grafton offers 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 Grafton 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 Grafton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26354 | 0.63% | 0.66% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Grafton, West Virginia
In Grafton, WV, 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 Grafton, 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 Grafton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Grafton is $237,050, with tax bills ranging from $1,137 at the 25th percentile to $2,398 at the 90th percentile. The highest and lowest median tax bills are both $1,634 in the 26354 zip code.
Average Grafton Assessed Value
$237,050
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 Grafton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26354 | $146,740 | $154,675 | $237,050 | $289,400 | $326,780 |
Source: Ownwell
Property Tax Bills Across Grafton, West Virginia
In Grafton, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the Taylor County Assessor's Office. This assessed value is a percentage of the property's market value. The property tax rate in Grafton is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and market conditions. For instance, homes with higher market values will typically have higher assessed values, leading to larger tax bills. In Grafton, the median home price is $237,050, and property tax bills can vary significantly. The 25th percentile tax bill is $1,137, while the 75th percentile is $2,083, and the 90th percentile reaches $2,398. Comparatively, the national median property tax rate is 0.99%, making Grafton's property taxes relatively moderate. Understanding these factors can help homeowners anticipate their tax liabilities and plan accordingly. This system ensures that property taxes are proportionate to property values, balancing the tax burden among homeowners.
Average Grafton Tax Bill
$1,634
Average Marion County Tax Bill
$886
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Grafton, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26354 | $922 | $1,137 | $1,634 | $2,083 | $2,398 |
Source: Ownwell