Wayside, West Virginia Property Taxes
The median property tax rate in Wayside, WV is 0.63%, considerably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Wayside, the typical annual property tax bill reaches $300, significantly below the national median of $2,690. Property taxes in Wayside are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wayside'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 Wayside 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
Wayside, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$317
Ownwell’s WAYSIDE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WAYSIDE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WAYSIDE 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 Wayside, West Virginia
Property taxes in Wayside, 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 Wayside is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Wayside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wayside 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 Wayside's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 24985 has both the highest and lowest median property tax rate in the county at 0.63%. Understanding how these areas compare with Wayside provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wayside Tax Rate
0.63%
Average Monroe County Tax Rate
0.63%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wayside, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24985 | 0.21% | 0.45% | 0.63% | 0.63% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Wayside, West Virginia
In Wayside, 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 Monroe 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. In Wayside, 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. The median home price in Wayside is $50,300, with tax bills ranging from $179 at the 25th percentile to $661 at the 90th percentile. 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 Wayside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wayside Assessed Value
$50,300
Average Monroe County Assessed Value
$74,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wayside, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24985 | $25,460 | $35,400 | $50,300 | $89,300 | $117,580 |
Source: Ownwell
Property Tax Bills Across Wayside, West Virginia
In Wayside, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Wayside, the median home price is $50,300. The local property tax rate significantly impacts the final tax bill, with the 25th percentile tax bill at $179 and the 75th percentile tax bill reaching $514. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. For instance, homes in the highest median tax bill zip code, 24985, have a median tax bill of $300. Comparatively, the national median property tax rate is 0.99%, highlighting that Wayside's property tax rates can vary widely. Understanding these factors helps homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Wayside Tax Bill
$300
Average Monroe County Tax Bill
$436
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Wayside, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24985 | $76 | $179 | $300 | $514 | $661 |
Source: Ownwell