Wallback, Clay County, West Virginia Property Taxes
The median property tax rate in Wallback, 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 Wallback at $55,000, the typical annual property tax bill is $203, which is well below the national median of $2,690. Property taxes in Wallback are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Wallback'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 Wallback 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
Wallback, 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
$231
$214
Ownwell’s Wallback Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallback with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallback 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 Wallback, Clay County, West Virginia
Property taxes in Wallback, 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 Wallback is 0.42%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Wallback set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallback 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 Wallback's effective property tax rate to other areas within Clay County and the national median. For comparison, the zip code 25285 has both the highest and lowest median property tax rate of 0.42%, which aligns with Wallback's rate. Understanding how these areas compare with Wallback 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 Wallback 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 Wallback, Clay County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25285 | 0.20% | 0.30% | 0.42% | 0.42% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Wallback, Clay County, West Virginia
In Wallback, 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 Wallback, 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 Wallback helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $203.00 in the 25285 zip code, which is also the lowest.
Property Tax Assessment Values Across Wallback, Clay County, West Virginia
Source: Ownwell
$30,600
$42,800
$55,000
Average Wallback Assessed Value
$55,000
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 Wallback, Clay County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25285 | $14,160 | $29,250 | $55,000 | $85,350 | $114,760 |
Source: Ownwell
Property Tax Bills Across Wallback, Clay County, West Virginia
In Wallback, property tax bills are calculated by assessing the market value of a home and applying the local tax rate to that value. For example, with a median home price of $55,000, the assessed value is used as the basis for the tax calculation. Homeowners in Wallback can expect their tax bills to vary significantly, with the 25th percentile at $117 and the 75th percentile at $344. The 90th percentile tax bill can reach up to $483, indicating a wide range of tax obligations depending on individual property values and specific local levies. Factors such as property location within Clay County and specific tax rates for different services, like schools and infrastructure, contribute to the final tax bill. Compared to the national median property tax rate of 0.99%, Wallback's tax rate results in relatively lower annual tax bills for its residents. This lower tax burden can make homeownership more affordable, but it also means fewer resources for local services and infrastructure, impacting the community's overall quality of life.
Average Wallback Tax Bill
$203
Average Clay County Tax Bill
$172
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallback, Clay County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25285 | $58 | $117 | $203 | $344 | $483 |
Source: Ownwell