Clear Fork, West Virginia Property Taxes
The median property tax rate in Clear Fork, WV is 0.68%, which is lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Clear Fork at $32,300, the typical annual property tax bill is $210, significantly below the national median of $2,690. Property taxes in Clear Fork are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Clear Fork'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 Clear Fork 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
Clear Fork, 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 Clear Fork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clear Fork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clear Fork 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 Clear Fork, West Virginia
Property taxes in Clear Fork, 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 Clear Fork is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Clear Fork set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clear Fork 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 Clear Fork's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 24822 in Wyoming County has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Clear Fork provides valuable insights into the varying tax landscape across Wyoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clear Fork Tax Rate
0.68%
Average Wyoming County Tax Rate
0.68%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clear Fork, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24822 | 0.25% | 0.43% | 0.68% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Clear Fork, West Virginia
In Clear Fork, 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 Wyoming 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 Clear Fork, 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 Clear Fork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the region are both $210, found in zip code 24822.
Average Clear Fork Assessed Value
$32,300
Average Wyoming County Assessed Value
$25,000
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clear Fork, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24822 | $8,560 | $17,700 | $32,300 | $53,025 | $73,890 |
Source: Ownwell
Property Tax Bills Across Clear Fork, West Virginia
In Clear Fork, WV, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Clear Fork is $32,300. Local tax authorities determine the assessed value, and the property tax rate is applied to this value to calculate the annual tax bill. Homeowners in Clear Fork can expect a range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $105, while the 75th percentile tax bill reaches $366. At the higher end, the 90th percentile tax bill can go up to $601. These figures illustrate the variability in tax obligations within the community, reflecting differences in property values and potentially the application of various exemptions or adjustments. Compared to the national median property tax rate of 0.99%, Clear Fork's tax rates can be relatively low, offering some financial relief to homeowners. However, understanding these factors is crucial for effective financial planning and managing homeownership costs.
Average Clear Fork Tax Bill
$210
Average Wyoming County Tax Bill
$190
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Clear Fork, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24822 | $58 | $105 | $210 | $366 | $601 |
Source: Ownwell