Palestine, West Virginia Property Taxes
The median property tax rate in Palestine, West Virginia is 0.57%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $72,650 in Palestine, the typical annual property tax bill amounts to $419, well below the national median of $2,690. Property taxes in Palestine 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 Palestine'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 Palestine or another part of Jackson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palestine, 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 Palestine Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Palestine. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Palestine to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county and includes any applicable exemptions, ensuring you get a precise calculation for your property tax obligations.
Property Tax Rates Across Palestine, West Virginia
Property taxes in Palestine, West Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Palestine is 0.57%, lower than the U.S. national median of 0.99%. Local government entities within Palestine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palestine 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 Palestine's effective property tax rate to other areas in West Virginia and the national median. For comparison, the 26160 zip code has the highest median property tax rate of 0.57%, while the same 26160 zip code also has the lowest median tax rate of 0.57%. Understanding how these figures compare with Palestine provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palestine Tax Rate
0.57%
Average Jackson County Tax Rate
0.75%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palestine, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26160 | 0.43% | 0.48% | 0.57% | 0.66% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Palestine, West Virginia
In Palestine, 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 Jackson 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 Palestine, 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. The median home price in Palestine is $72,650, with property tax bills ranging from $346 at the 25th percentile to $535 at the 90th percentile. The highest and lowest median tax bills are both $419, located in the 26160 zip code. 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 Palestine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Palestine Assessed Value
$72,650
Average Jackson County Assessed Value
$84,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palestine, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26160 | $70,370 | $71,225 | $72,650 | $74,075 | $74,930 |
Source: Ownwell
Property Tax Bills Across Palestine, West Virginia
In Palestine, located in Jackson County, WV, property tax bills are calculated based on the assessed value of the property. The assessed value is typically a percentage of the market value of the home, which in this region has a median price of $72,650. Local tax rates are then applied to this assessed value to determine the annual tax bill. For homeowners in Palestine, the property tax bills can vary significantly. The 25th percentile tax bill is around $346, while the 75th percentile reaches up to $492. At the 90th percentile, the tax bill can go as high as $535. These figures are relatively modest when compared to the national median property tax rate of 0.99%. Factors that influence the tax bill include changes in the assessed value of the property, local tax rates, and any applicable exemptions or deductions. For homeowners, understanding these elements is crucial as they directly impact the annual financial obligations related to property ownership.
Average Palestine Tax Bill
$419
Average Jackson County Tax Bill
$636
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Palestine, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26160 | $302 | $346 | $419 | $492 | $535 |
Source: Ownwell