Fanrock, West Virginia Property Taxes
The median property tax rate in Fanrock, WV is 0.68%, which is lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Fanrock at $30,800, the typical annual property tax bill amounts to $213, significantly below the national median of $2,690. Property taxes in Fanrock are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fanrock'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 Fanrock 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
Fanrock, 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 Fanrock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fanrock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fanrock 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 Fanrock, West Virginia
Property taxes in Fanrock, 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 Fanrock is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Fanrock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fanrock 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 Fanrock's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 24834 zip code has the highest median property tax rate of 0.68%, while the 24834 zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Fanrock provides valuable insights into the varying tax landscape across Wyoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fanrock Tax Rate
0.68%
Average Wyoming County Tax Rate
0.68%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fanrock, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24834 | 0.43% | 0.68% | 0.68% | 1.04% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Fanrock, West Virginia
In Fanrock, 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 Wyoming 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 Fanrock, 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 Fanrock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 24834, with a median tax bill of $213.
Average Fanrock Assessed Value
$30,800
Average Wyoming County Assessed Value
$25,000
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fanrock, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24834 | $11,050 | $18,700 | $30,800 | $68,050 | $88,420 |
Source: Ownwell
Property Tax Bills Across Fanrock, West Virginia
In Fanrock, Wyoming 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 property's market value. For example, with a median home price of $30,800, the assessed value would be a fraction of this amount. The property tax rate is then applied to the assessed value to calculate the tax bill. Factors such as property improvements, location, and market conditions can influence the assessed value. Homeowners in Fanrock typically see tax bills ranging from $136 at the 25th percentile to $618 at the 90th percentile, with a median tax bill of $213. This median tax bill is significantly lower than the national median property tax rate of 0.99%, providing some relief for homeowners. However, fluctuations in assessed values and tax rates can still impact annual property tax bills, affecting household budgets and financial planning.
Average Fanrock Tax Bill
$213
Average Wyoming County Tax Bill
$190
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Fanrock, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24834 | $128 | $136 | $213 | $402 | $618 |
Source: Ownwell