Independence, West Virginia Property Taxes
The median property tax rate in Independence, WV is 0.64%, which is 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 $136,700 in Independence, the typical annual property tax bill is $826, well below the national median of $2,690. Property taxes in Independence are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Independence's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Independence or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Independence, 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 Independence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Independence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Independence 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 Independence, West Virginia
Property taxes in Independence, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Independence is 0.64%, lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Independence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Independence 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 Independence's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26374 zip code has the highest median property tax rate of 0.64%, while the same 26374 zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Independence provides valuable insights into the varying tax landscape across Monongalia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Independence 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 Independence, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26374 | 0.45% | 0.56% | 0.64% | 0.64% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Independence, West Virginia
In Independence, 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 Monongalia 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. 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 Independence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Independence is $136,700, with the highest median tax bill in the 26374 zip code being $826.00.
Property Tax Assessment Values Across Independence, West Virginia
Source: Ownwell
$18,150
$102,575
$187,000
Average Independence Assessed Value
$136,700
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 Independence, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26374 | $44,540 | $76,400 | $136,700 | $196,900 | $248,320 |
Source: Ownwell
Property Tax Bills Across Independence, West Virginia
In Independence, located in Monongalia County, WV, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, which is determined by county assessors. For instance, the median home price in Independence is $136,700. Homeowners in this area experience varying tax bills, with the 25th percentile paying around $481 and the 75th percentile paying up to $1,290 annually. The highest tax bills in the region can reach as much as $1,695 for the top 10% of properties. Several factors influence these tax bills, including property size, location, and any applicable exemptions. These taxes fund essential public services such as schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, Independence's tax rates provide a snapshot of how local assessments can impact homeowners financially. Understanding these factors helps residents anticipate their annual tax obligations and plan their finances accordingly.
Average Independence Tax Bill
$826
Average Monongalia County Tax Bill
$1,138
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Independence, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26374 | $251 | $481 | $826 | $1,290 | $1,695 |
Source: Ownwell