West Virginia Property Taxes 2023 - 2024
Property taxes are an important source of revenue for local governments. West Virginia is known for its low property taxes, making it an affordable place to live. However, it is important to pay your property taxes on time. Failure to do so can result in penalties and the possibility of losing your property at a tax sale.
As a property owner in West Virginia, it’s important to be aware of the state’s unique property tax laws and deadlines. For example, West Virginia property taxes are due semi-annually, with the first half payable by September 1 and the second half payable by March 1. In addition, the state imposes a 9% interest rate on late payments, which underscores the importance of keeping up with tax obligations.
Property owners in the Mountain State are also required to file a report with their county assessor by November 1, which provides the information needed to calculate their tax levies for the upcoming year. This report must include a listing of both real and personal property. Property owners must also comply with specific deadlines for protesting or appealing their assessment.
Finally, property owners in West Virginia are required to submit their request for a ruling with the County Tax Commissioner by February 15. This step is crucial as it allows property owners to resolve disagreements with their county assessors over their properties’ classification and/or taxability.
West Virginia Property Tax Exemption
The West Virginia Property Tax Exemption is a reduction of up to $20,000 from the assessed value of your home. This exemption is available to all homeowners who qualify and apply. The exemption carries over from year to year, so you don’t need to renew it. To be eligible, you must be a resident of West Virginia for two years before applying. You also must own and occupy the property. You can find more information about this exemption in the assessor’s office.
The Constitution requires that the Assessor determine the fair market value of all taxable personal property in the county each year, as of July 1. This date is critical because it sets all properties’ valuation, ownership and tax classification. The Assessor must adhere to strict rules of valuation to ensure uniform assessment practices statewide.
The West Virginia state legislature created this new tax credit for low-income taxpayers. It is a refundable credit on real property taxes paid on your owner-occupied residence if your income is at or below 300% of the federal poverty guideline.
