What is a property tax deduction?

A property tax deduction is a subtraction from the total amount of property tax an individual or organization is required to pay. In West Virginia, the government allows for certain types of deductions in order to reduce the amount of property taxes owed. The most common type of deduction is for homesteads, meaning the primary residence of an individual or their family. Other deductions may include exemptions for veterans, seniors, disabled persons, and charitable organizations, as well as deductions for property improvements and agricultural land. Depending on the context, some deductions may reduce the taxable value of the property while others may reduce the total amount of tax owed. By taking advantage of deductions, a taxpayer can potentially lower their property tax bill, with the exact amount of the deduction depending upon the type of deduction and the amount of the property tax bill.

Related FAQs

What is a property tax deduction?
What is the “taxable value” of my property?
How do homestead exemptions work?
What is a special assessment?
What is the difference between a property tax rate and a tax rate?
What is a tax deferral program?
How can I apply for a property tax deferral?
How do property tax exemptions work?
Who is responsible for paying property taxes?
What is the difference between the assessed value and the actual value?

What is a property tax deduction?

Related FAQs

Related Blog Posts