- West Virginia has very low property and sales taxes.
- The state sales tax was adopted in 1933.
- Income tax is progressive from 3% to 6.50%.
- Both real and business property are subject to the tax.
- Property is appraised at market value.
- Taxpayers pay on 60% of that assessed value. That value is multiplied by the rate to determine taxes.
- Most of the Social Security retirement benefits that are taxed federally will also be taxed in West Virginia, at rates ranging from 3% to 6.5%.
- Other types of retirement income are also taxable, but can be deducted up to $8,000 per person.
- West Virginia allows for various deductions and exemptions related to retirement income.
- Married couples and single individuals have different exclusion percentages for Social Security benefits.
- More changes are expected in the future regarding the taxation of Social Security benefits.
- Persons who are 65 years of age or older, or permanently and totally disabled, are entitled to an exemption from property taxes on the first $20,000 of assessed value on their owner-occupied residence.
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