2021 WV Personal Property Tax: What You Need to Know
If you own personal property in West Virginia, you are likely familiar with the state’s personal property tax. This tax applies to tangible personal property, such as vehicles, boats, and trailers. In this article, we will discuss what you need to know about the 2021 WV personal property tax and how it may affect you.
Introduction
The WV personal property tax is an annual tax that is applied to tangible personal property owned in the state of West Virginia. This tax is calculated based on the assessed value of the property. Understanding how this tax works is critical for anyone who owns personal property in the state.
What is the 2021 WV Personal Property Tax Rate?
The West Virginia State Tax Department determines the personal property tax rate each year. For 2021, the personal property tax rate is set at $3.55 per $100 of assessed value. This rate applies to all taxable personal property in the state.
Who Pays WV Personal Property Tax?
If you own personal property in West Virginia that is subject to the state’s personal property tax, you must pay the tax. This tax applies to tangible personal property, such as cars, trucks, motorcycles, boats, mobile homes, and trailers.
How is WV Personal Property Tax Calculated?
The WV personal property tax is calculated based on the assessed value of your personal property. The assessed value is determined by the county assessor’s office. The assessor uses a formula that takes into account the age, condition, and market value of your personal property to arrive at an assessed value. The personal property tax rate is then applied to the assessed value to determine the tax due for the year.
When is the WV Personal Property Tax Due?
The due date for the WV personal property tax varies depending on the county in which the property is located. Generally, the tax bill is sent out in July, and the payment is due in October. It’s essential to check with your county assessor’s office for the specific due dates and payment options available.
What Happens if You Don’t Pay WV Personal Property Tax?
If you fail to pay your WV personal property tax on time, you may be subject to penalties and interest charges. The county treasurer’s office is responsible for collecting delinquent personal property taxes. Failure to pay the tax may result in the county selling your personal property at a tax sale.
Conclusion
The WV personal property tax is an annual tax that applies to tangible personal property owned in West Virginia. If you own personal property in the state, it’s essential to understand how this tax works, including the tax rate, who must pay, how it’s calculated, and when it’s due. By staying informed and paying your taxes on time, you can avoid penalties and protect your personal property from being sold at a tax sale.
