Flat Top, West Virginia Property Taxes
The median property tax rate in Flat Top, WV, is 0.72%, aligning with the West Virginia state median but still below the national median of 0.99%. With a median home value of $134,200 in Flat Top, the typical annual property tax bill amounts to $858, which is significantly less than the national median of $2,690. Property taxes in Flat Top are determined based on the assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Flat Top's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're residing in Flat Top or investing in real estate within the area, a thorough grasp of the local property tax system is essential for maximizing financial benefits.
Last Updated June 14, 2024
Flat Top, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$966
Ownwell’s FLAT TOP Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FLAT TOP with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FLAT TOP 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 Flat Top, West Virginia
Property taxes in Flat Top, 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 Flat Top is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Flat Top set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flat Top 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 Flat Top's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25841 zip code has the highest median property tax rate of 0.72%, while the 25841 zip code also has the lowest median tax rate of 0.72%. Understanding how these areas compare with Flat Top provides valuable insights into the varying tax landscape across Raleigh County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flat Top Tax Rate
0.72%
Average Raleigh County Tax Rate
0.72%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flat Top, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25841 | 0.51% | 0.58% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Flat Top, West Virginia
In Flat Top, 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 Raleigh 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 Flat Top, 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 Flat Top 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 $858, found in zip code 25841.
Average Flat Top Assessed Value
$134,200
Average Raleigh County Assessed Value
$52,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flat Top, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25841 | $27,240 | $73,900 | $134,200 | $162,300 | $181,180 |
Source: Ownwell
Property Tax Bills Across Flat Top, West Virginia
In Flat Top, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors in Raleigh County. The median home price in this area is $134,200. Property tax rates are applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the property's market value, location, and any applicable exemptions or deductions. For instance, homeowners in the 25th percentile of tax bills pay around $512 annually, while those in the 75th percentile pay approximately $1,114. At the higher end, the 90th percentile of tax bills reaches about $1,272. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Flat Top’s rates provide a balanced approach, ensuring homeowners contribute fairly to community resources while maintaining affordability.
Average Flat Top Tax Bill
$858
Average Raleigh County Tax Bill
$419
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Flat Top, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25841 | $245 | $512 | $858 | $1,114 | $1,272 |
Source: Ownwell