Shoals, West Virginia Property Taxes
The median property tax rate in Shoals, 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 $37,500 in Shoals, the typical annual property tax bill is $307, significantly below the national median of $2,690. Property taxes in Shoals are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Shoals' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Shoals or another part of Wayne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shoals, 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 Shoals Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shoals with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shoals 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 Shoals, West Virginia
Property taxes in Shoals, 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 Shoals is 0.74%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Shoals set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shoals 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 Shoals' effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25562 zip code has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Shoals provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shoals Tax Rate
0.74%
Average Wayne County Tax Rate
0.74%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shoals, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25562 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Shoals, West Virginia
In Shoals, 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 Wayne County officials 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 in Shoals 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. For instance, in Shoals, the median home price is $37,500, with tax bills ranging from $184 at the 25th percentile to $504 at the 90th percentile. The zip code 25562 has the highest and lowest median tax bill, both at $307. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shoals Assessed Value
$37,500
Average Wayne County Assessed Value
$57,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shoals, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25562 | $7,500 | $18,750 | $37,500 | $56,250 | $67,500 |
Source: Ownwell
Property Tax Bills Across Shoals, West Virginia
In Shoals, located in Wayne County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the home's market value. Homeowners in Shoals experience property tax rates that are influenced by various factors, including local government budgets and school district funding requirements. For instance, with a median home price of $37,500, homeowners can expect their tax bills to vary. The 25th percentile tax bill is around $184, while the 75th percentile reaches up to $430. At the 90th percentile, the tax bill can be as high as $504. The median tax bill in the zip code 25562 is $307, aligning with both the highest and lowest median tax bills in the area. Compared to the national median property tax rate of 0.99%, Shoals' property tax rates can significantly impact homeowners, making it essential for them to understand how their tax bills are calculated and what factors influence these costs.
Average Shoals Tax Bill
$307
Average Wayne County Tax Bill
$426
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Shoals, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25562 | $110 | $184 | $307 | $430 | $504 |
Source: Ownwell