One question rippling across Fayette County is, “How much could this school bond raise my taxes?”
According to bond information prepared by the county’s bond council PiperJaffray and posted on the county website, Class II bond taxes will be 18.32 cents per $100 assessed valuation.
County assessor Eddie Young explained that Class II property is owner-occupied personal property and/or real estate. This includes any property you own and use as a primary residence or farm. Young explained this includes a mobile home that is personally owned, even if you do not own the land. It would also include things like a personally owned camp on a river, he said.
If one’s Class II property is appraised at $200,000, estimated annual tax through the proposed bond would be $219.84, according to PiperJaffray. The estimated annual tax Class II property appraised at $100,000 is $109.92.
It is important to note there is a difference between appraised and assessed property value. Most people who think of the value of their home think of an appraised value, but tax is based on assessed property value, which is 60 percent of the appraised value.
There is a Class II Homestead Exemption for those age 65 and over or those who are permanently disabled. Under Homestead Exemption, property owners with Class II property appraised at $100,000 would see a $73.28 tax on property, $183.20 for $200,000 of appraised Class II property.
Land that does not fall under Class II property, like business property, vacant land or rental property, is considered Class III outside the city limits and Class IV inside city limits.
Tax rates under the proposed school bond for Class III and IV personal property, which includes vehicles, is 36.64 cents per $100 in assessed value.
Young said it is harder for individuals to estimate the amount of property tax they owe on vehicles because they depreciate each year. Therefore, personal property assessments from 2014 may differ from a 2015 assessment, he said.
If the bond passes, the bond tax would be an increase over existing tax rates. According to the Fayette County assessor’s office, someone with a 2015 assessed (not appraised) Class II property value of $100,000 will pay $1,281 in taxes without the bond. With the bond, this individual’s 2015 taxes would be $1,464.20, an increase of $183.20.
Someone with an assessed Class II property value of $200,000 will pay $2,562 in 2015 taxes without the addition of the bond. With the bond, someone with this assessed value would pay $2,928.40 in taxes, a $366.40 increase.
With $200,000 in assessed Class II property, which is more than $300,000 in appraised value, a person can expect to pay 8 cents per day. Personal property that falls within other classes would be in addition to this value.
Young said those who wish to call and check on their personal or real property values can call 304-574-4246 or 304-574-4240 for real estate questions and 304-574-4265 for personal property questions.
Estimates can also be found at the Fayette County Schools website under bond and facility information, www.boe.faye.k12.wv.us/.
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