Waverly, West Virginia Property Taxes
The median property tax rate in Waverly, WV is 0.66%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Waverly at $98,200, the typical annual property tax bill amounts to $601, which is well below the national median of $2,690. Property taxes in Waverly are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Waverly'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 Waverly 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
Waverly, 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 Waverly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waverly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waverly 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 Waverly, West Virginia
Property taxes in Waverly, West Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Waverly is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Waverly set these rates annually, and they can vary across different neighborhoods. Each year, Waverly 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 Waverly's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 26184 has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these rates compare with Waverly provides valuable insights into the varying tax landscape across Wood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waverly Tax Rate
0.66%
Average Wood County Tax Rate
0.66%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waverly, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26184 | 0.41% | 0.53% | 0.66% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Waverly, West Virginia
In Waverly, West Virginia, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. On the other hand, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. This assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Waverly, 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 Waverly is $98,200, with tax bills ranging from $326 at the 25th percentile to $1,451 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waverly Assessed Value
$98,200
Average Wood County Assessed Value
$103,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waverly, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26184 | $20,480 | $52,400 | $98,200 | $149,600 | $219,500 |
Source: Ownwell
Property Tax Bills Across Waverly, West Virginia
In Waverly, Wood County, WV, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Waverly is $98,200. Factors such as property size, location, and condition play a crucial role in determining the assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Waverly, property tax bills can vary significantly. At the 25th percentile, the tax bill is around $326, while at the 75th percentile, it can rise to $942. For those at the 90th percentile, the tax bill can reach up to $1,451. These variations underscore the influence of property values and assessment accuracy on tax obligations. Compared to the national median property tax rate of 0.99%, Waverly's property tax rates reflect the local economic conditions and funding needs. Understanding these factors helps homeowners anticipate their annual property tax expenses and budget accordingly.
Average Waverly Tax Bill
$601
Average Wood County Tax Bill
$822
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Waverly, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26184 | $135 | $326 | $601 | $942 | $1,451 |
Source: Ownwell