Real Estate Transfer Taxes
The real estate transfer tax varies by county with a minimum rate of $1.10 per $500 of the sale price. For example, in Berkeley county the rate is $7.70 per $1,000 of the final sale price. Contact your local tax authority for specific county transfer tax rates.
Closing Costs
How much are closing costs in WV? The average closing cost in West Virginia after taxes is $3,352.29 or 1.68% to 3.35% of the sale price.
Vehicle Title Transfer in Virginia
To transfer a car title in Virginia costs $10. To make changes to a title also costs $10. Replacing a title costs $10.
To transfer property in West Virginia requires a general warranty deed for most transactions or a deed of trust, similar to a mortgage. Lawyers can assist with preparing deeds.
West Virginia collects a 5% sales tax on vehicle purchases. This is in addition to registration, title and plate fees. The minimum sales tax rate in Ohio County, West Virginia is 6%.
There is a $15 title transfer fee in West Virginia plus a 6% titling sales tax on vehicles over $500.
Income Tax and Property Taxes
West Virginia has a progressive income tax ranging from 3% to 6.5%. Tax rates are based on income level and filing status.
How much are taxes on a house in WV?
The average property tax in West Virginia is 0.59%. This varies by county. In Mercer County, it is 0.523% or $1,020 per year on a $250,000 home. In Jefferson County, it is 0.676% or $1,318 per year.
Personal property tax is calculated by appraising property at true market value. Taxpayers pay taxes on 60% assessed value. Assessed value is multiplied by the levy rate to determine the tax amount. Monongalia County is in the Morgantown metropolitan area. It is the largest county in north-central West Virginia.
The average West Virginia property tax rate is low compared to other states. The effective rate of 0.57% is the 9th lowest. Property tax deductions apply if the tax doesn’t pay for specific services. It must be paid at closing or to an authority.
If your income is $70,000 in West Virginia, you will be taxed $11,463. Your average rate is 11.67%. Your marginal rate is 22%. This applies to additional income. Use the calculator to estimate tax on taxable income. Your tax is $0 if income is below the standard deduction.
West Virginia tax rates decreased 21.25% in 2023. Employers use new tables. The changes are retroactive to January 1, 2023. Employees get the difference when filing returns in 2024. There are penalties for incorrect income tax withholding and remitting.
In West Virginia, possessing any illegal drugs is a misdemeanor. Offenders get 90 days to 6 months in jail and up to a $1,000 fine. The sales tax rate is 6%. Total rates can be as high as 7% depending on location. New car purchases under $45,000 pay $3 tax per $100.
West Virginia has the lowest U.S. property tax. Sales taxes are also cheap. Other taxes include social security benefits. Older adults get deductions. Taxes in Florida and West Virginia fluctuate but are generally cheaper in West Virginia. Public transportation is affordable.
The first property tax installment is due September 1. The second installment is March 1 of the next year. Home prices in West Virginia vary by location. Charleston averages $157K. The state average is $145K. Consider neighborhood culture, cost of living and amenities when choosing a location.