Fairmont, West Virginia Property Taxes
The median property tax rate in Fairmont, WV is 0.64%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $118,300 in Fairmont, the typical annual property tax bill is $743, which is well below the national median of $2,690. Property taxes in Fairmont are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fairmont'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 Fairmont 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
Fairmont, 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 Fairmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairmont 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 Fairmont, West Virginia
Property taxes in Fairmont, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairmont is 0.64%, lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Fairmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairmont 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 Fairmont's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26554 zip code has the highest median property tax rate of 0.64%, while the 26554 zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Fairmont 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 Fairmont Tax Rate
0.64%
Average Monongalia County Tax Rate
0.64%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairmont, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26554 | 0.47% | 0.60% | 0.64% | 0.64% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Fairmont, West Virginia
In Fairmont, 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 Fairmont, 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. The median home price in Fairmont is $118,300, with tax bills ranging from $385 at the 25th percentile to $1,279 at the 75th percentile. The highest and lowest median tax bills are both $743 in zip code 26554. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairmont Assessed Value
$118,300
Average Monongalia County Assessed Value
$146,600
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairmont, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26554 | $10,180 | $58,450 | $118,300 | $192,550 | $297,100 |
Source: Ownwell
Property Tax Bills Across Fairmont, West Virginia
In Fairmont, WV, property tax bills are calculated based on the assessed value of a property, which is determined by the Monongalia County Assessor's Office. The assessed value is typically a percentage of the property's market value. Homeowners can expect their tax bill to be influenced by several factors, including the property's location, size, and any improvements made. For instance, the median home price in Fairmont is $118,300. Property tax rates are applied to this assessed value to determine the annual tax bill. The tax bill can vary widely, with the 25th percentile paying around $385, while the 75th percentile pays approximately $1,279. At the higher end, the 90th percentile tax bill reaches up to $1,906. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Fairmont must budget for these taxes, as they directly impact their annual expenses. Comparing this to the national median property tax rate of 0.99%, Fairmont's property taxes are relatively moderate, making it an attractive location for potential homeowners.
Average Fairmont Tax Bill
$743
Average Monongalia County Tax Bill
$1,138
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairmont, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26554 | $138 | $385 | $743 | $1,279 | $1,906 |
Source: Ownwell