Welch, West Virginia Property Taxes
The median property tax rate in Welch, WV is 0.68%, 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 Welch at $25,400, the typical annual property tax bill is $183, significantly below the national median of $2,690. Property taxes in Welch 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 Welch'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 Welch or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Welch, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$173
Ownwell’s Welch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Welch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Welch 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 Welch, West Virginia
Property taxes in Welch, West Virginia, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Welch is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Welch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Welch 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 Welch's effective property tax rate to other areas in Wyoming County and the national median. For comparison, the zip code 24801 has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Welch 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 Welch 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 Welch, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24801 | 0.17% | 0.68% | 0.68% | 0.68% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Welch, West Virginia
In Welch, 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 local appraisal district 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 Welch, 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 Welch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Welch, the median home price is $25,400, with tax bills ranging from $68 at the 25th percentile to $400 at the 90th percentile. The highest and lowest median tax bills are both $183 in the 24801 zip code.
Average Welch Assessed Value
$25,400
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 Welch, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24801 | $6,500 | $13,275 | $25,400 | $38,475 | $47,100 |
Source: Ownwell
Property Tax Bills Across Welch, West Virginia
In Welch, located in Wyoming County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the home's size, age, location, and any improvements made. In Welch, the median home price is $25,400, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $68, while the 75th percentile tax bill is $242, and the 90th percentile reaches up to $400. These property taxes impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Welch offers relatively lower property tax bills, which can be a financial relief for homeowners in this region.
Average Welch Tax Bill
$183
Average Wyoming County Tax Bill
$190
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Welch, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24801 | $41 | $68 | $183 | $242 | $400 |
Source: Ownwell