Kermit, West Virginia Property Taxes
The median property tax rate in Kermit, WV is 0.74%, slightly higher than the state median of 0.72% but lower than the national median of 0.99%. With the median home value in Kermit at $38,600, the typical annual property tax bill is $246, significantly below the national median of $2,690. Property taxes in Kermit are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Kermit'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 Kermit 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
Kermit, 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 Kermit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kermit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kermit 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 Kermit, West Virginia
Property taxes in Kermit, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kermit is 0.74%, lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Kermit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kermit 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 Kermit's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25674 zip code has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Kermit 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 Kermit 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 Kermit, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25674 | 0.25% | 0.53% | 0.74% | 0.74% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Kermit, West Virginia
In Kermit, 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 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 Kermit, 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 Kermit 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 $246 in the 25674 zip code, while the lowest median tax bill is also $246 in the same zip code.
Average Kermit Assessed Value
$38,600
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 Kermit, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25674 | $6,600 | $15,950 | $38,600 | $68,700 | $103,400 |
Source: Ownwell
Property Tax Bills Across Kermit, West Virginia
In Kermit, property tax bills are calculated based on the assessed value of a home, which is determined by the county's tax assessor. This assessed value is then multiplied by the local tax rate to arrive at the tax bill. Various factors, such as property location, size, and condition, influence the assessed value. For homeowners in Kermit, the median home price is $38,600. The tax bill can vary significantly, ranging from the 25th percentile at $119 to the 90th percentile at $687, reflecting differences in property values and tax rates within the city. Homeowners in Kermit face a median property tax rate lower than the national median of 0.99%. This relatively low tax rate can make homeownership more affordable, but it also means that the local government may have less revenue for public services. Understanding these factors helps homeowners anticipate their tax obligations and budget accordingly.
Average Kermit Tax Bill
$246
Average Wayne County Tax Bill
$426
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Kermit, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25674 | $61 | $119 | $246 | $468 | $687 |
Source: Ownwell