Munday, West Virginia Property Taxes
The median property tax rate in Munday, WV is 0.72%, which aligns with the West Virginia state median but is lower than the national median of 0.99%. With a median home value of $20,300 in Munday, the typical annual property tax bill amounts to $143, significantly below the national median of $2,690. Property taxes in Munday are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Munday'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 Munday 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
Munday, 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 Munday Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Munday with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Munday 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 Munday, West Virginia
Property taxes in Munday, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Munday is 0.72%, lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Munday set these rates annually, and they can vary significantly across different neighborhoods. Each year, Munday 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 Munday's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26152 zip code has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Munday provides valuable insights into the varying tax landscape across Wirt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Munday Tax Rate
0.72%
Average Wirt County Tax Rate
0.72%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Munday, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26152 | 0.42% | 0.60% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Munday, West Virginia
In Munday, 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 Wirt 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 Munday, 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 Munday helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 26152, with a median tax bill of $143.
Average Munday Assessed Value
$20,300
Average Wirt County Assessed Value
$51,900
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Munday, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26152 | $8,720 | $16,800 | $20,300 | $67,300 | $157,260 |
Source: Ownwell
Property Tax Bills Across Munday, West Virginia
In Munday, property tax bills are determined based on the assessed value of your home, which is typically a percentage of its market value. For homeowners, understanding how these bills are calculated is crucial. The median home price in Munday is $20,300, which is significantly lower than the national median. Property tax rates in this area are influenced by various factors, including local government budgets and the specific needs of the community. The tax bill ranges widely, with the 25th percentile at $88 and the 75th percentile at $606, indicating a broad spectrum of property values and tax obligations. At the 90th percentile, the tax bill can reach up to $1,095. Even though Munday has a lower median tax bill compared to the national median property tax rate of 0.99%, it can still impact homeowners significantly, especially those on fixed incomes. These taxes fund essential services such as schools, public safety, and infrastructure, making them a vital part of community development and maintenance.
Average Munday Tax Bill
$143
Average Wirt County Tax Bill
$340
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Munday, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26152 | $53 | $88 | $143 | $606 | $1,095 |
Source: Ownwell