Sherman, West Virginia Property Taxes
The median property tax rate in Sherman, WV is 0.75%, slightly higher than the state median of 0.72% but lower than the national median of 0.99%. With the median home value in Sherman at $38,400, the typical annual property tax bill is $507, which is significantly below the national median of $2,690. Property taxes in Sherman 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 Sherman'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 Sherman 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
Sherman, 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 Sherman Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Sherman with ease. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Sherman to provide an accurate property tax estimate. This valuable tool offers a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Sherman, West Virginia
Property taxes in Sherman, 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 Sherman is 0.75%, lower than the U.S. national median of 0.99%. Local government entities within Sherman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherman 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 Sherman's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26164 has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Sherman 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 Sherman Tax Rate
0.75%
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 Sherman, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26164 | 0.46% | 0.75% | 0.75% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Sherman, West Virginia
In Sherman, 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's Office 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 Sherman, 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. The median home price in Sherman is $38,400, with tax bills varying significantly. The 25th percentile tax bill is $263, while the 75th percentile tax bill reaches $682. Notably, the highest median tax bill is $507 in the 26164 zip code. Being aware of these valuation processes in Sherman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sherman Assessed Value
$38,400
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 Sherman, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26164 | $26,700 | $32,750 | $38,400 | $124,950 | $145,540 |
Source: Ownwell
Property Tax Bills Across Sherman, West Virginia
In Sherman, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Sherman is $38,400. Property taxes are then determined by applying the local tax rate to this assessed value. Factors such as property size, location, and any applicable exemptions or deductions can influence the final tax bill. For homeowners in Sherman, the tax bill can vary significantly. The 25th percentile of tax bills is around $263, while those in the 75th percentile see bills closer to $682. At the higher end, the 90th percentile tax bill reaches $905. These amounts can have a noticeable impact on household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding how these factors interplay is crucial for homeowners to anticipate their annual tax obligations and plan their finances accordingly.
Average Sherman Tax Bill
$507
Average Jackson County Tax Bill
$636
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherman, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26164 | $154 | $263 | $507 | $682 | $905 |
Source: Ownwell