Bomont, Clay County, West Virginia Property Taxes
The median property tax rate in Bomont, WV is 0.42%, 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 Bomont being $37,900, the typical annual property tax bill amounts to $195, far below the national median of $2,690. Property taxes in Bomont are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bomont'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 Bomont 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
Bomont, Clay County, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$159
$148
Ownwell’s Bomont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bomont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bomont 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 Bomont, Clay County, West Virginia
Property taxes in Bomont, West Virginia, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Bomont is 0.42%, which is lower than the U.S. national median of 0.99%. Local government entities within Bomont set these rates annually, and they can vary across different neighborhoods. Each year, Bomont 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 Bomont's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 25030 has the highest median property tax rate of 0.42%, while the same zip code also has the lowest median tax rate of 0.42%. Understanding how these cities compare with Bomont provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bomont Tax Rate
0.42%
Average Clay County Tax Rate
0.42%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bomont, Clay County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25030 | 0.20% | 0.42% | 0.42% | 0.42% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Bomont, Clay County, West Virginia
In Bomont, 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 Clay 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 Bomont, 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 Bomont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Bomont is $195 in the 25030 zip code, while the lowest median tax bill is also $195 in the same zip code.
Property Tax Assessment Values Across Bomont, Clay County, West Virginia
Source: Ownwell
$30,600
$42,800
$55,000
Average Bomont Assessed Value
$37,900
Average Clay County Assessed Value
$39,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bomont, Clay County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25030 | $4,980 | $18,900 | $37,900 | $68,700 | $99,740 |
Source: Ownwell
Property Tax Bills Across Bomont, Clay County, West Virginia
In Bomont, Clay County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors are considered in this process, including the size, age, and location of the property, as well as any improvements or renovations made. For homeowners in Bomont, the median home price is $37,900, resulting in a range of property tax bills. At the 25th percentile, homeowners can expect to pay around $97, while those at the 75th percentile face bills of approximately $327. The 90th percentile sees tax bills reaching up to $472. These figures highlight the variability in property tax burdens within the community, influenced by property values and specific local tax rates. Compared to the national median property tax rate of 0.99%, Bomont presents a relatively manageable tax scenario, which can have significant implications for homeowners' overall financial planning and housing affordability.
Average Bomont Tax Bill
$195
Average Clay County Tax Bill
$172
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Bomont, Clay County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25030 | $48 | $97 | $195 | $327 | $472 |
Source: Ownwell