Property Valuation
Under West Virginia ad valorem property taxation, property is assessed at a percentage of its appraised market value. For residential property, West Virginia's assessment ratio is typically:
A100% of market value
B60% of market value✓ Correct
C50% of market value
D40% of market value
Explanation
West Virginia assesses most residential and commercial property at 60% of appraised market value for property tax purposes. This assessed value is then multiplied by the applicable millage rate to calculate the tax bill.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Math Concepts
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