Independence, Taylor County, West Virginia Property Taxes
The median property tax rate in Independence, WV is 0.54%, 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 Independence at $153,200, the typical annual property tax bill is $754, well below the national median of $2,690. Property taxes in Independence are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Independence'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 Independence 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
Independence, Taylor County, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$827
$768
Ownwell’s Independence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Independence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Independence 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 Independence, Taylor County, West Virginia
Property taxes in Independence, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Independence is 0.54%, lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Independence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Independence 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 Independence's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26374 has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these cities compare with Independence provides valuable insights into the varying tax landscape across Taylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Independence Tax Rate
0.54%
Average Taylor County Tax Rate
0.59%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Independence, Taylor County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26374 | 0.45% | 0.47% | 0.54% | 0.59% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Independence, Taylor County, West Virginia
In Independence, 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 Taylor 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. 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 Independence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $153,200, with tax bills ranging from $583 at the 25th percentile to $1,614 at the 90th percentile. The zip code 26374 has both the highest and lowest median tax bill of $754.
Property Tax Assessment Values Across Independence, Taylor County, West Virginia
Source: Ownwell
$18,300
$103,200
$188,100
Average Independence Assessed Value
$153,200
Average Taylor County Assessed Value
$85,250
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Independence, Taylor County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26374 | $31,320 | $101,800 | $153,200 | $186,500 | $267,360 |
Source: Ownwell
Property Tax Bills Across Independence, Taylor County, West Virginia
In Independence, Taylor County, WV, property tax bills are calculated by assessing the market value of a home and applying the local tax rate. The median home price in this area is $153,200. Tax bills can vary significantly based on the assessed value of the property and the applicable tax rate. For instance, homeowners in the 25th percentile can expect to pay around $583 annually, while those in the 75th percentile might see bills closer to $1,124. At the higher end, the 90th percentile of tax bills reaches up to $1,614. Compared to the national median property tax rate of 0.99%, Taylor County’s tax rates are relatively moderate. The highest and lowest median tax bills in the area are both $754, found in zip code 26374. These variations in tax bills can impact homeowners by influencing their overall housing costs and financial planning. Understanding these factors helps homeowners anticipate their annual expenses more accurately.
Average Independence Tax Bill
$754
Average Taylor County Tax Bill
$583
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Independence, Taylor County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26374 | $217 | $583 | $754 | $1,124 | $1,614 |
Source: Ownwell