Waiteville, West Virginia Property Taxes
The median property tax rate in Waiteville, WV is 0.63%, which is lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $56,500 in Waiteville, the typical annual property tax bill amounts to $359, significantly below the national median of $2,690. Property taxes in Waiteville are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Waiteville'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 Waiteville or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waiteville, 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 Waiteville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Waiteville with just two inputs. By providing your property's estimated assessed value, the calculator uses the median tax rate in Waiteville to project your property tax bill. This valuable tool allows you to grasp potential tax liabilities clearly. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is determined by Monroe County for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Waiteville, West Virginia
Property taxes in Waiteville, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waiteville is 0.63%, which is significantly lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Waiteville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waiteville 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 Waiteville's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 24984 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Waiteville provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waiteville Tax Rate
0.63%
Average Monroe County Tax Rate
0.63%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waiteville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24984 | 0.51% | 0.63% | 0.63% | 0.63% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Waiteville, West Virginia
In Waiteville, 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 Monroe 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. Assessment notices in Waiteville 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 Waiteville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $359, found in zip code 24984.
Average Waiteville Assessed Value
$56,500
Average Monroe County Assessed Value
$74,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waiteville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24984 | $10,820 | $31,100 | $56,500 | $98,850 | $163,320 |
Source: Ownwell
Property Tax Bills Across Waiteville, West Virginia
In Waiteville, Monroe County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value typically represents a percentage of the property's market value. Homeowners in Waiteville can expect their property tax bills to vary widely. For instance, the 25th percentile tax bill is around $198, while the 75th percentile reaches $600, and the 90th percentile can be as high as $927. The median home price in Waiteville is $56,500, which influences these tax amounts. Compared to the national median property tax rate of 0.99%, Waiteville's property tax rates are relatively low. This can be advantageous for homeowners, as lower property taxes can make homeownership more affordable and potentially increase property values over time. However, it's essential for homeowners to stay informed about their property's assessed value and any changes in local tax rates, as these factors directly impact their annual tax bill.
Average Waiteville Tax Bill
$359
Average Monroe County Tax Bill
$436
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Waiteville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24984 | $64 | $198 | $359 | $600 | $927 |
Source: Ownwell