We have had inquiries regarding the tax percentage of real estate taxes on rental and other property.  Below listed are the current rates (2006-07).  These rates are applied to 60% of the assessed value of the property in Pocahontas County.

Owner occupied, non-rental properties and working farms:  .6788%

Rental properties and vacant land:  1.3576%

It should be noted that if a property owner rents their property for even one day out of a year, you are subject to the rental property rate, which is twice the rate of an owner occupied property.

It should be further noted that the State of West Virginia bills the real estate taxes six months in arrears.  Accordingly,  taxes are due for the first half of the year in late July or August, and for the second half of the year in late January or February.  This can get quite confusing when conducting a real estate closing and finding it necessary to prorate taxes to the day of closing.  Fortunately, we, along with your licensed real estate closing attorney,  are familiar with this concept and will assist you in understanding the proration of taxes at your closing. 

To alleviate much of the confusion, many lenders require that taxes and insurance payments be escrowed and paid by them.  Under those circumstances, the taxes and insurance premiums are broken down into monthly payments, which are then incorporated into your monthly mortgage payments.  By law, you will receive an annual accounting of your escrow funds showing the dates and amounts that your taxes and insurance premiums were disbursed.  As a result of the escrowing of these funds, and based on any change in your taxes or insurance premiums, your monthly mortgage payment amount can fluctuate annually.