Macfarlan, West Virginia Property Taxes
The median property tax rate in Macfarlan, WV is 0.65%, which is significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $46,900 in Macfarlan, the typical annual property tax bill is approximately $299, far below the national median of $2,690. Property taxes in Macfarlan are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Macfarlan'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 Macfarlan or another part of Ritchie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Macfarlan, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$305
Ownwell’s Macfarlan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Macfarlan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Macfarlan 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 Macfarlan, West Virginia
Property taxes in Macfarlan, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Macfarlan is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Macfarlan set these rates annually, and they can vary across different neighborhoods. Each year, Macfarlan 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. Understanding how Macfarlan's effective property tax rate compares with other areas provides valuable insights into the varying tax landscape across Ritchie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Macfarlan Tax Rate
0.65%
Average Ritchie County Tax Rate
0.65%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Macfarlan, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26148 | 0.34% | 0.65% | 0.65% | 0.65% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Macfarlan, West Virginia
In Macfarlan, 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 Ritchie 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. 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 Macfarlan 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 $299.00, found in the 26148 zip code.
Average Macfarlan Assessed Value
$46,900
Average Ritchie County Assessed Value
$64,450
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Macfarlan, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26148 | $4,760 | $19,400 | $46,900 | $85,700 | $137,660 |
Source: Ownwell
Property Tax Bills Across Macfarlan, West Virginia
In Macfarlan, located in Ritchie County, WV, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor and reflects a percentage of the property's market value. For homeowners in Macfarlan, the tax bill is influenced by several factors, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. The median home price in Macfarlan is $46,900, and the property tax rate in the area can significantly impact homeowners' annual expenses. The tax bill at the 25th percentile is $135, while at the 75th percentile, it rises to $557. For those at the 90th percentile, the tax bill can reach up to $900. Compared to the national median property tax rate of 0.99%, homeowners in Macfarlan may find their tax obligations relatively manageable. However, understanding these factors is crucial for homeowners to anticipate their financial responsibilities accurately.
Average Macfarlan Tax Bill
$299
Average Ritchie County Tax Bill
$428
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Macfarlan, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26148 | $26 | $135 | $299 | $557 | $900 |
Source: Ownwell