Forest Hill, West Virginia Property Taxes
The median property tax rate in Forest Hill, WV is 0.41%, 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 Forest Hill at $62,300, the typical annual property tax bill is $246, well below the national median of $2,690. Property taxes in Forest Hill 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 Forest Hill'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 Forest Hill or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Forest Hill, 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 Forest Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest Hill 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 Forest Hill, West Virginia
Property taxes in Forest Hill, West Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest Hill is 0.41%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Forest Hill set these rates annually, and they can vary across different neighborhoods. Each year, Forest Hill 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 Forest Hill's effective property tax rate to other counties in West Virginia and the national median. For comparison, the ZIP code 24935 has both the highest and lowest median property tax rate of 0.41%. Understanding how these cities compare with Forest Hill provides valuable insights into the varying tax landscape across Summers County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forest Hill Tax Rate
0.41%
Average Summers County Tax Rate
0.41%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest Hill, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24935 | 0.26% | 0.41% | 0.41% | 0.41% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Forest Hill, West Virginia
In Forest Hill, 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 Summers 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. In Forest Hill, 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 Forest Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 24935 has the highest median tax bill of $246.
Property Tax Assessment Values Across Forest Hill, West Virginia
Source: Ownwell
$53,200
$106,050
$158,900
Average Forest Hill Assessed Value
$62,300
Average Summers County Assessed Value
$66,000
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forest Hill, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24935 | $16,360 | $30,650 | $62,300 | $111,575 | $163,340 |
Source: Ownwell
Property Tax Bills Across Forest Hill, West Virginia
In Forest Hill, located in Summers County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in Forest Hill pay property taxes at a rate that contributes to local services such as schools, public safety, and infrastructure. The tax bill is influenced by several factors, including the property's assessed value and the local tax rate. For instance, the median home price in Forest Hill is $62,300. Tax bills can vary significantly, with the 25th percentile at $141 and the 75th percentile at $457. At the higher end, the 90th percentile tax bill reaches $726. These property tax bills can have a substantial impact on homeowners, affecting their annual financial planning and overall cost of homeownership. Compared to the national median property tax rate of 0.99%, Forest Hill's tax rates offer a glimpse into the localized financial responsibilities of property ownership in this region.
Average Forest Hill Tax Bill
$246
Average Summers County Tax Bill
$304
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest Hill, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24935 | $91 | $141 | $246 | $457 | $726 |
Source: Ownwell