Ikes Fork, West Virginia Property Taxes
The median property tax rate in Ikes Fork, WV is 0.68%, which is notably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Ikes Fork, the typical annual property tax bill is $158, significantly below the national median of $2,690. Property taxes in Ikes Fork are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Ikes Fork'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 Ikes Fork or another part of Wyoming County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ikes Fork, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$168
Ownwell’s Ikes Fork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ikes Fork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ikes Fork 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 Ikes Fork, West Virginia
Property taxes in Ikes Fork, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ikes Fork is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Ikes Fork set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ikes Fork 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 Ikes Fork's effective property tax rate to other areas in Wyoming County and the national median. For comparison, the zip code 24845 has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Ikes Fork 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 Ikes Fork 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 Ikes Fork, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24845 | 0.22% | 0.68% | 0.68% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Ikes Fork, West Virginia
In Ikes Fork, 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 Ikes Fork, 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 Ikes Fork is $24,750, and understanding these valuation concepts can help property owners better navigate their tax responsibilities and comprehend how their property taxes are determined. The zip code with both the highest and lowest median tax bill is 24845, with a median tax bill of $158. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Ikes Fork Assessed Value
$24,750
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 Ikes Fork, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24845 | $7,050 | $14,925 | $24,750 | $31,125 | $46,500 |
Source: Ownwell
Property Tax Bills Across Ikes Fork, West Virginia
In Ikes Fork, WV, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in Ikes Fork typically see a median property tax rate of 0.99%, aligning with the national median. For a home with a median price of $24,750, this translates into varying tax bills depending on the assessed value and specific tax rates applied. The tax bill for the 25th percentile is around $90, while it rises to $250 at the 75th percentile, and can reach up to $397 at the 90th percentile. The highest and lowest median tax bills in the region are both $158, indicating a consistent tax rate across different properties. These tax bills significantly impact homeowners by influencing their overall housing costs and potentially affecting their ability to afford other expenses. Understanding how these factors interplay helps homeowners better anticipate their annual tax obligations and manage their finances accordingly.
Average Ikes Fork Tax Bill
$158
Average Wyoming County Tax Bill
$190
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Ikes Fork, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24845 | $49 | $90 | $158 | $250 | $397 |
Source: Ownwell