Fenwick, West Virginia Property Taxes
The median property tax rate in Fenwick, WV is 0.59%, which is significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Fenwick at $48,700, the typical annual property tax bill amounts to $240, far below the national median of $2,690. Property taxes in Fenwick 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 Fenwick'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 Fenwick or another part of Nicholas County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fenwick, 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 Fenwick Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Fenwick. By simply entering your property's estimated assessed value, the calculator uses the median tax rate for Fenwick to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities, helping you make informed financial decisions. For those interested in more granular data, you can explore neighborhood-level trends further down the page. Your property’s assessed value is determined by Nicholas County for tax purposes, and it factors in any applicable exemptions.
Property Tax Rates Across Fenwick, West Virginia
Property taxes in Fenwick, 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 Fenwick is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Fenwick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fenwick 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 Fenwick's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26202 zip code has both the highest and lowest median property tax rate in the area at 0.59%. Understanding how these cities compare with Fenwick provides valuable insights into the varying tax landscape across Nicholas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fenwick Tax Rate
0.59%
Average Nicholas County Tax Rate
0.59%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fenwick, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26202 | 0.17% | 0.33% | 0.59% | 0.59% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Fenwick, West Virginia
In Fenwick, 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 Nicholas County Appraisal District 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 Fenwick, 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 Fenwick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Fenwick are both $240.00 in the 26202 zip code, highlighting the importance of understanding these values.
Average Fenwick Assessed Value
$48,700
Average Nicholas County Assessed Value
$56,300
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fenwick, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26202 | $11,250 | $29,000 | $48,700 | $72,025 | $102,400 |
Source: Ownwell
Property Tax Bills Across Fenwick, West Virginia
In Fenwick, located in Nicholas County, WV, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is a percentage of the home's market value, which is determined by the county assessor. Homeowners in Fenwick can expect their property tax bills to vary significantly based on their home's value and the specific tax rate applied. For instance, the median home price in Fenwick is $48,700. The property tax bill at the 25th percentile is $122, while at the 75th percentile, it rises to $380. Those at the 90th percentile may see bills as high as $576. When compared to the national median property tax rate of 0.99%, Fenwick's property taxes are relatively modest, reflecting the region's lower home values. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is calculated helps in budgeting and financial planning, ensuring they are prepared for these annual expenses.
Average Fenwick Tax Bill
$240
Average Nicholas County Tax Bill
$332
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Fenwick, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26202 | $51 | $122 | $240 | $380 | $576 |
Source: Ownwell