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Friday, February 24, 2023

Your Guide to West Virginia Property Taxes

City of Charleston, West Virginia

Your Guide to West Virginia Property Taxes

Property taxes are an essential source of revenue for state and local governments, helping to fund services like schools, public safety, parks, infrastructure, and more. West Virginia is no exception, and homeowners will pay property taxes here. You’ve likely heard that real estate is inexpensive in the Mountain State. Are its property taxes equally inexpensive?

This guide will give you an overview of how property taxes work in West Virginia and your possible tax burden if you plan to buy a home in the state.

How West Virginia Property Taxes Work

west virginia property taxes

West Virginia also calls property taxes “ad valorem” taxes, so you may see that term used in state documents. All real and tangible personal property is taxed, with limited exceptions.

The State Constitution divides properties into four classes. For our purposes, owner-occupied residential property falls under Class II. These properties are exclusively used for residential purposes.

In West Virginia, property taxes are collected annually by county assessors from real estate owners located within the state.

The amount of tax due is calculated using the “mils” rate, or one-hundredth of a dollar. This is multiplied by the property’s assessed value to determine the total tax due. The thing about West Virginia is it doesn’t call this taxing method a “mil” like other states, but simply a tax levy. It’s the same concept.

West Virginia limits the maximum amount the taxing authorities can levy on a particular class of properties. For Class II properties, with rates given in $100, the limits are:

State: 0.5

County: 28.6

Schools: 45.9

Municipal: 25

Together, it totals 100.

These levy maximums can be increased by general referendum for bond or excess levies but only up to 50% for five years. A school board’s extra levy can go up to 100% above the maximum.

See the most current rates and a complete list of county and municipal levies for West Virginia.

Assessable value is calculated as a percentage of fair market value. It is set by the West Virginia State Tax Division at 60%. So, if your home is estimated to have a fair market value of $100,000, its assessed value is 60% or $60,000. The local county assessor is tasked with determining residential property values.

So, how does this all come together to figure out your tax rate? If the tax levy in your county is 20, then you’d owe 20 mils on the $60,000 for a total tax bill of $120.

Based on 2021 data, West Virginia’s cheapest property taxes based on the average effective tax rate (the percentage of taxes paid based on property value) were in Pocahontas, Grant, and Summers Counties. The most expensive was in Kanawha, Berkeley, and Wood Counties.

Property Tax Exemptions

property tax exemptions

West Virginia offers several exemptions and credits for property taxpayers to ease the property tax burden.

Veterans, seniors 65 and over, and persons with disabilities may be eligible for a $20,000 exemption of the assessed value, which could lower the taxes due.

Homeowners can also apply for credits against their assessed property value to reduce the amount of taxes due as well. Senior Citizen Refundable Tax Credit candidates must owe and pay a tax liability on their homestead while meeting income criteria. This Homestead Excess Property Tax credit is a refundable personal income tax that has a maximum limit of $1,000.

How to Pay Your West Virginia Property Taxes

a person calculating the latest property tax

On July 1 of the given year, the local county determines the property values, use, and ownership for the next tax year.

Property tax bills are issued by the county sheriff’s department on or after July 15 of the property tax year. These bills are also called tickets. The bill is due in two installments, with the first due by September 1 and the second by March 1 of the next calendar year. If you pay before these dates, there is an allowable 2.5% discount on the property taxes.

If the property tax payment is still unpaid by October 1 or April 1, it becomes delinquent. These owed taxes accrue interest at 9% each year. Property taxes that continue to be unpaid can receive a property tax lien that can be sold at an auction. After three years, it gives the tax lien holder the right to foreclose on the property.

Should the value of your property be 110% greater than the prior year’s value and the taxable increase is $1,000 more, the owner will be notified on January 15 of the tax year.

How to Appeal West Virginia Property Taxes

If you have questions about your assessed value, you should reach out to your county assessor’s office after the July 1 assessment date.

While filing the petition, you can opt to have the protest heard by the County Commission sitting as the Appraisal Review Board in October. The homeowner is still required to pay the notified taxes until the Board of Assessment Appeals hears the case in the fall. If the homeowner wins the appeal, the reduction will be applied as a tax credit in the following year.

Appeals against assessed value must be filed on or before the day of the Board of Equalization hearing and no later than February 20 of each year with their county commission. The commission sits as the Board of Equalization. If you do not file by the time the Board adjourns, which state law mandates it is required to do by February 28, you cannot change the property tax for that year.

Include with the appeal specific reasons why you feel the valuation is incorrect. This could be a recent property appraisal, proof of excessive deterioration of the property, or sales of comparable properties.

The Tax Commissioner must issue a ruling by the end of February in the calendar tax year.

The state publishes a detailed guide about the tax appeals process.

How West Virginia property taxes compare

West Virginia Tax Compare

West Virginia’s property taxes are low on average compared to other states. The state ranks the tenth lowest in the US for effective property tax collections. Based on the state’s median home value and tax rate, a typical homeowner paid $756 in taxes.

However, if you’re buying a home in West Virginia, it’s still important to research what your tax burden will be in the county and municipality you plan to live in as values and levies vary across the state. Still, this is a clear sign you’re getting a deal.

About Oil and Gas Royalties Tax

Individuals who earn oil and gas-producing royalties from their properties in West Virginia are taxed on the production of their property. That’s because the state considers minerals property, and all real property falls under the ad valorem tax definition.

While not income, the taxable value is based on an income approach to value. It looks at the age of the well, its geographic location, the formation the world is producing from, and if it is a horizontal or vertical well.

This matters if you buy a property with a well in active production. It’s possible to earn royalties once that extracted product has been taken to market.

Property taxes in West Virginia

West Virginia cost of living

Property taxes are an important source of revenue for West Virginia municipalities and counties, helping to fund services like schools, public safety, parks, infrastructure, and more. Understanding the tax levy, assessed value, and tax due can help you plan for your property taxes in West Virginia. If you have questions about your assessed value, contact your local assessor’s office or county courthouse.

Overall, West Virginia is an affordable place to live thanks to low real estate prices and property taxes. Learn more about living in West Virginia.

The information in this article is not intended to be tax advice. Consult with your tax professional or certified public accountant for specific taxing questions.

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Preston Guyton

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