Generally speaking, taxes in the Mid-Ohio Valley are reasonable and lower than those of other commercial areas. Generally speaking, taxes in the Mid-Ohio Valley are reasonable and lower than those of other commercial areas.
Real Estate and Personal Property, except for utilities, are assessed by the county assessor at approximately 60 percent of market value less depreciation, both physical and functional.
Rates are approximately 0.5 to 2 percent of assessed value, depending on the area. The County Commissioners sit annually as a Board of Review and Equalization to consider the equality
of assessments. All property is classified as of July 1, the first day of the taxable year.
Consumer Use and Sales Taxes are imposed at approximately six percent of gross proceeds on sale of tangible personal property and furnishing of services, except professional or personal.
Personal State Income Tax rates graduate from 0 percent of the first $10,000 of taxable income for joint returns to 6 1/2 percent of joint income over $60,000. The taxable income is identical to the amount on the federal form. Residents who are over 65 years of age or who are disabled are granted modifications of up to $8,000 income.
Corporate Income Tax is 9 percent of state taxable income.
Other state taxes include the Unemployment Tax which is based upon the first $8,000 of annual wages. New employers (in business less than 36 months) pay 2.7 percent of taxable amount. All others pay according to their reserve balance (amount paid in, minus benefits paid out). Employers with a positive reserve balance pay 1.5 percent to 8.5 percent. Those with a negative balance pay 6.5 percent to 8.5 percent. Deficit balances pay 8.5 percent.
Workers’ Compensation fees are generally assigned varying rates based on the different classifications of employment.
Business and Occupation Taxes are determined by the application of a statutory rate against values or gross income from sales. The state fees range from $1.40/100 for street and inter-urban to $4.40/100 for water. Annual exemption is $500.
Parkersburg’s fees range from .15/100 for wholesale, .40/100 retail, .90/100 services, .80/100 for rentals, and $2/100 contracting with an annual exemption of $50.
Vienna’s range from .15/100 wholesale, .35/100 retail, .50/100 services and rentals, and .60/100 contracting with annual exemption of $100.
Personal property taxes for equipment, furniture, and fixtures within each area are as follows (per $100): Wood County, $2.0872; Parkersburg, $2.6580; Vienna, $2.5416; Williamstown, $2.4844; and North Hills, $2,4120.