Gay, West Virginia Property Taxes
The median property tax rate in GAY, WV is 0.53%, 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 GAY at $87,700, the typical annual property tax bill reaches $415, well below the national median of $2,690. Property taxes in GAY 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 GAY'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 GAY or another part of Roane County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gay, 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 GAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GAY 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 Gay, West Virginia
Property taxes in Gay, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gay is 0.53%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Gay set these rates annually, and they can vary across different neighborhoods. Each year, Gay 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 Gay's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 25244 has both the highest and lowest median property tax rate of 0.53%. Understanding how these areas compare with Gay provides valuable insights into the varying tax landscape across Roane County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gay Tax Rate
0.53%
Average Roane County Tax Rate
0.53%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gay, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25244 | 0.36% | 0.42% | 0.53% | 0.53% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Gay, West Virginia
In GAY, 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 Roane 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 GAY, 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 GAY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $415.00, found in the 25244 zip code, while the lowest is also $415.00, indicating a uniformity in tax assessments within this locality.
Average Gay Assessed Value
$87,700
Average Roane County Assessed Value
$76,300
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gay, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25244 | $9,680 | $44,400 | $87,700 | $140,800 | $199,040 |
Source: Ownwell
Property Tax Bills Across Gay, West Virginia
In GAY, located in Roane County, WV, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value, determined by the county assessor. Homeowners in this region can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $236, while the 75th percentile tax bill reaches $694, and the 90th percentile tax bill is $883. Compared to the national median property tax rate of 0.99%, the tax burden in GAY is relatively moderate. Factors such as property size, location, and improvements play a crucial role in determining the assessed value. For homeowners, understanding these elements is essential, as they directly impact the annual tax bill. High property taxes can affect affordability and financial planning, while lower taxes can make homeownership more accessible. The highest median tax bill in Roane County is $415, reflecting the variability within the region.
Average Gay Tax Bill
$415
Average Roane County Tax Bill
$415
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Gay, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25244 | $108 | $236 | $415 | $694 | $883 |
Source: Ownwell