Reedy, West Virginia Property Taxes
The median property tax rate in Reedy, WV is 0.72%, aligning perfectly with the state median but still lower than the national median of 0.99%. With the median home value in Reedy at $103,500, the typical annual property tax bill amounts to $748, significantly less than the national median of $2,690. Property taxes in Reedy 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 Reedy'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 Reedy or another part of Wirt County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Reedy, 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 Reedy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reedy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reedy 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 Reedy, West Virginia
Property taxes in Reedy, West Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reedy is 0.72%, lower than the U.S. national median of 0.99%. Local government entities within Reedy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reedy 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 Reedy's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25270 zip code has the highest median property tax rate of 0.72%, while the 25270 zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Reedy 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 Reedy 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 Reedy, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25270 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Reedy, West Virginia
In Reedy, 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. Assessment notices in Reedy 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 Reedy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 25270, both at $748.
Average Reedy Assessed Value
$103,500
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 Reedy, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25270 | $103,500 | $103,500 | $103,500 | $103,500 | $103,500 |
Source: Ownwell
Property Tax Bills Across Reedy, West Virginia
In Reedy, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is influenced by factors such as location, property size, and home improvements. In Reedy, located in Wirt County, the median home price is $103,500. The property tax rate in this area is relatively consistent, resulting in a median tax bill of $748, which is significantly lower than the national median property tax rate of 0.99%. This uniformity in tax bills, with the 25th, 75th, and 90th percentiles all at $748, indicates a stable and predictable tax environment for homeowners. Such predictability can benefit homeowners by allowing them to budget more effectively. However, the relatively low property tax rate might also reflect lower funding for local services, which could impact community resources and infrastructure. Understanding how these factors interplay helps homeowners anticipate their financial obligations and community benefits.
Average Reedy Tax Bill
$748
Average Wirt County Tax Bill
$340
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Reedy, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25270 | $748 | $748 | $748 | $748 | $748 |
Source: Ownwell