Marmet, West Virginia Property Taxes
The median property tax rate in Marmet, WV is 1.51%, considerably higher than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Marmet at $72,700, the typical annual property tax bill reaches $1,437, which is below the national median of $2,690. Property taxes in Marmet are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marmet'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 Marmet 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
Marmet, 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 Marmet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marmet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marmet 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 Marmet, West Virginia
Property taxes in Marmet, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marmet is 0.54%, significantly lower than both the West Virginia state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Marmet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marmet 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 Marmet's effective property tax rate to other counties in West Virginia and the national median. For comparison, 25315 has the highest median property tax rate of 0.54%, while 25315 also has the lowest median tax rate of 0.54%. Understanding how these cities compare with Marmet provides valuable insights into the varying tax landscape across Kanawha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marmet Tax Rate
1.51%
Average Kanawha County Tax Rate
0.76%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marmet, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25315 | 0.73% | 0.76% | 1.51% | 1.81% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across Marmet, West Virginia
In Marmet, 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 Kanawha 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 Marmet, 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 Marmet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Marmet is $72,700, with tax bills ranging from $1,105 at the 25th percentile to $1,561 at the 90th percentile. The zip code 25315 has the highest median tax bill at $1,437.
Average Marmet Assessed Value
$72,700
Average Kanawha County Assessed Value
$88,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marmet, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25315 | $12,000 | $32,050 | $72,700 | $94,300 | $127,300 |
Source: Ownwell
Property Tax Bills Across Marmet, West Virginia
In Marmet, property tax bills are calculated based on the assessed value of a homeowner's property, which is determined by the Kanawha County Assessor's office. The assessed value is a percentage of the property's market value. Various factors such as property size, location, and improvements can influence this assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Homeowners in Marmet typically see property tax bills that vary significantly. For instance, the 25th percentile tax bill is around $1,105, while the 75th percentile reaches up to $1,501, and the 90th percentile is approximately $1,561. These figures highlight the range of property taxes within the area, influenced by property values and applicable exemptions. Compared to the national median property tax rate of 0.99%, Marmet's property tax rates can be considered relatively moderate, affecting homeowners' annual financial planning and budgeting.
Average Marmet Tax Bill
$1,437
Average Kanawha County Tax Bill
$804
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Marmet, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25315 | $457 | $1,105 | $1,437 | $1,501 | $1,561 |
Source: Ownwell