Fort Gay, Wayne County, West Virginia Property Taxes
The median property tax rate in Fort Gay, WV is 0.74%, slightly higher than the state median of 0.72% but below the national median of 0.99%. With a median home value of $46,900 in Fort Gay, the typical annual property tax bill amounts to $329, which is significantly lower than the national median of $2,690. Property taxes in Fort Gay are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Fort 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 Fort Gay or another part of Wayne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fort Gay, Wayne County, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$347
$322
Ownwell’s FORT GAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FORT GAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FORT 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 Fort Gay, Wayne County, West Virginia
Property taxes in Fort Gay, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Gay is 0.74%, lower than the U.S. national median of 0.99%. Local government entities within Fort Gay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort 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 Fort Gay's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25514 zip code has the highest median property tax rate of 0.74%, while the 25514 zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Fort Gay provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fort Gay Tax Rate
0.74%
Average Wayne County Tax Rate
0.74%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Gay, Wayne County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25514 | 0.33% | 0.59% | 0.74% | 0.74% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Fort Gay, Wayne County, West Virginia
In Fort 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 Wayne 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 Fort 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 Fort Gay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Fort Gay is $329, found in zip code 25514, which is also the lowest.
Property Tax Assessment Values Across Fort Gay, Wayne County, West Virginia
Source: Ownwell
$27,600
$52,175
$76,750
Average Fort Gay Assessed Value
$46,900
Average Wayne County Assessed Value
$57,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fort Gay, Wayne County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25514 | $8,140 | $24,150 | $46,900 | $80,250 | $126,040 |
Source: Ownwell
Property Tax Bills Across Fort Gay, Wayne County, West Virginia
In Fort Gay, Wayne County, WV, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, if the median home price in Fort Gay is $46,900, the assessed value would be a fraction of this amount. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as property location, improvements, and exemptions can influence the assessed value and, consequently, the tax bill. Homeowners in Fort Gay can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $167, while the 75th percentile tax bill is approximately $606. At the 90th percentile, the tax bill can reach up to $937. Compared to the national median property tax rate of 0.99%, Fort Gay offers relatively affordable property taxes, which can be a significant advantage for homeowners looking to manage their expenses.
Average Fort Gay Tax Bill
$329
Average Wayne County Tax Bill
$426
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Gay, Wayne County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25514 | $79 | $167 | $329 | $606 | $937 |
Source: Ownwell