Idamay, West Virginia Property Taxes
The median property tax rate in Idamay, WV is 0.74%, slightly higher than the state median of 0.72% but still below the national median of 0.99%. With a median home value of $79,050 in Idamay, the typical annual property tax bill is approximately $574, which is significantly lower than the national median of $2,690. Property taxes in Idamay are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Idamay'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 Idamay or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Idamay, 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 Idamay Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Idamay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Idamay to project your property tax bill. This insightful tool helps you understand potential tax liabilities, ensuring you’re financially prepared. 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 Idamay, West Virginia
Property taxes in Idamay, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Idamay is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Idamay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Idamay 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 Idamay's effective property tax rate to other areas in Marion County and the national median. For comparison, the zip code 26576 has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Idamay provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Idamay Tax Rate
0.74%
Average Marion County Tax Rate
0.74%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Idamay, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26576 | 0.41% | 0.52% | 0.74% | 0.74% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Idamay, West Virginia
In Idamay, 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 Marion 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 Idamay, 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 Idamay is $79,050, with tax bills ranging from $378 at the 25th percentile to $1,120 at the 90th percentile. 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 Idamay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Idamay Assessed Value
$79,050
Average Marion County Assessed Value
$104,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Idamay, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26576 | $41,850 | $63,525 | $79,050 | $102,975 | $143,250 |
Source: Ownwell
Property Tax Bills Across Idamay, West Virginia
In Idamay, located in Marion County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the market value of the property. Homeowners in Idamay typically pay property taxes at a rate that aligns closely with the national median property tax rate of 0.99%. For instance, with a median home price of $79,050, the property tax bill can range significantly. At the 25th percentile, homeowners might see a tax bill of around $378, whereas at the 75th percentile, it can rise to approximately $799. Those at the 90th percentile could face a tax bill of $1,120. The highest median tax bill in the area is $574, as seen in the zip code 26576. These property tax bills can have a substantial impact on homeowners, influencing overall affordability and budget planning. Understanding how these taxes are calculated and what to expect can help homeowners better manage their finances and anticipate future expenses.
Average Idamay Tax Bill
$574
Average Marion County Tax Bill
$886
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Idamay, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26576 | $239 | $378 | $574 | $799 | $1,120 |
Source: Ownwell