Paw Paw, West Virginia Property Taxes
The median property tax rate in Paw Paw, WV is 0.52%, 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 Paw Paw, the typical annual property tax bill reaches $594, far below the national median of $2,690. Property taxes in Paw Paw are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Paw Paw'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 Paw Paw 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
Paw Paw, West Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,440
Ownwell’s Paw Paw Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paw Paw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paw Paw 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 Paw Paw, West Virginia
Property taxes in Paw Paw, 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 Paw Paw is 0.52%, significantly lower than the U.S. national median of 0.99%. Local government entities within Paw Paw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paw Paw 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 Paw Paw's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25434 zip code has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Paw Paw provides valuable insights into the varying tax landscape across Hampshire County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paw Paw Tax Rate
0.52%
Average Hampshire County Tax Rate
0.52%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paw Paw, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25434 | 0.38% | 0.52% | 0.52% | 0.52% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Paw Paw, West Virginia
In Paw Paw, 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 Paw Paw, 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 Paw Paw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hampshire County is $594 in zip code 25434, while the lowest median tax bill is also $594 in the same zip code.
Average Paw Paw Assessed Value
$112,550
Average Hampshire County Assessed Value
$102,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Paw Paw, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25434 | $36,830 | $64,525 | $112,550 | $176,450 | $239,360 |
Source: Ownwell
Property Tax Bills Across Paw Paw, West Virginia
In Paw Paw, WV, located in Hampshire County, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Paw Paw can expect their property tax bills to vary significantly depending on the assessed value of their homes. For example, the 25th percentile tax bill stands at $369, while the 75th percentile tax bill is $918, and the 90th percentile tax bill reaches $1278. Comparatively, the highest median tax bill in the region is $594, which is also the lowest, indicating a consistent tax rate across similar properties. These tax bills are essential for funding local services such as schools, public safety, and infrastructure. Homeowners should be aware that their property taxes can have a substantial impact on their annual expenses and should plan accordingly to accommodate these costs.
Average Paw Paw Tax Bill
$594
Average Hampshire County Tax Bill
$567
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Paw Paw, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25434 | $226 | $369 | $594 | $918 | $1,278 |
Source: Ownwell