Gregory S. Vandall email@example.com
Monday - Friday 8:30AM - 4:30PM
Summers County Courthouse
120 Ballengee Street
Hinton, WV 25951
(304) 466-7128 fax
Appraised value is the same as fair market value. Assessed value refers to 60 percent of market or appraised value. This is the amount upon which tax levy rates are extended to yield property tax amounts.
Market value is the most probable selling price of a piece of property between a willing seller and knowledgeable buyer, that are unrelated. Assuming the property has had adequate time for marketing.
There are two types of taxable properties in West Virginia, Real Estate and Personal Property. Real Estate includes all land and improvements thereon (less all applicable exemptions such as homestead, farm use, managed timber, etc.). Personal Property consists of vehicles and mobile homes, campers, boats, trailers, ATV’s, etc….
When you purchase real estate make sure you are aware that the taxes are pro- rated when you close for that tax year. This is one of the most confusing issues inherent in real estate transactions. WV Code reads that the legal responsibility of the person in whose name the property was assessed to pay the entire amount of yearly taxes. For practical purposes it is not always that simple. Once the seller has sold the property, it could be another year before the property is transferred into the new owner’s name. An understanding between you and the previous owner, in the closing, should be made so that you can understand who is responsible for taxes. The buyer should also notify the Assessor of where the tax bill should be sent.
According to West Virginia State Code, 17A-3-3a, all County Assessor’s must appraise vehicle values by using an accepted used car guide. Currently, the National Automobile Dealers Association (NADA) is being used. Retail, Trade-in, and Loan Value are the three values that are listed in the book. The Tax department requires that the Assessor’s Office use the lowest value, which is the loan value to assess vehicles. 60 percent of the value is then multiplied by the levy rate to determine taxes for that vehicle.