Gassaway, West Virginia Property Taxes
The median property tax rate in Gassaway, WV is 0.46%, 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 Gassaway at $61,950, the typical annual property tax bill amounts to $340, well below the national median of $2,690. Property taxes in Gassaway are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Gassaway'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 Gassaway 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
Gassaway, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$285
Ownwell’s Gassaway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gassaway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gassaway 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 Gassaway, West Virginia
Property taxes in Gassaway, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gassaway is 0.46%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Gassaway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gassaway 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 Gassaway's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 26624 has both the highest and lowest median property tax rate of 0.46%. Understanding how these areas compare with Gassaway provides valuable insights into the varying tax landscape across Braxton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gassaway Tax Rate
0.46%
Average Braxton County Tax Rate
0.46%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gassaway, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26624 | 0.25% | 0.39% | 0.46% | 0.61% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Gassaway, West Virginia
In Gassaway, 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 Braxton County 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 Gassaway, 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. For example, the median home price in Gassaway is $61,950, with tax bills ranging from $175 at the 25th percentile to $792 at the 90th percentile. The highest and lowest median tax bills are both $340, found in the 26624 zip code. Being aware of these valuation processes in Gassaway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gassaway Assessed Value
$61,950
Average Braxton County Assessed Value
$63,900
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gassaway, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26624 | $11,550 | $37,775 | $61,950 | $99,800 | $153,200 |
Source: Ownwell
Property Tax Bills Across Gassaway, West Virginia
In Gassaway, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Factors such as property improvements, neighborhood developments, and market conditions can influence the assessed value. For homeowners in Gassaway, the median home price is $61,950. The property tax bill varies significantly, with the 25th percentile at $175 and the 75th percentile at $555. The 90th percentile tax bill can reach up to $792. The highest and lowest median tax bills in the area are both $340, found in the 26624 zip code. Compared to the national median property tax rate of 0.99%, Gassaway's rates can offer some relief to homeowners, but the variability means that individual circumstances can lead to higher or lower tax obligations. Understanding these factors can help homeowners anticipate and manage their property tax responsibilities.
Average Gassaway Tax Bill
$340
Average Braxton County Tax Bill
$333
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Gassaway, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26624 | $82 | $175 | $340 | $555 | $792 |
Source: Ownwell