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      May 22, 2018

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Tax Relief in West Virginia

West Virginia MapThe BLS (Bureau of Labor Statistics) current population survey (CPS) shows that the rate of unemployment in the state of West Virginia was 0.3 percentage points higher in December than the national rate. However, the number of unemployed people in the state was 45,694. Current Employment Statistics survey (CES) reported that in West Virginia, while employment peaked in May 2014 at 783,200, since then 10,400 jobs have been lost.

The results of the Census ACS 1-year survey for the state show that the median household income value was $41,253 in 2013. This value is $383 (0.92%) lower than the income of the residents in the year 2007, despite significant increases in the cost of gas, food and other necessitates. Similarly, the trends for median family income show that the values in 2013 are $1,506 (2.84%) lower after they peaked at $53,102 in 2008. Even more worrying is the fact that when compared with the national values, the West Virginia median family income is $12,434 lower on average.

Personal property tax is collected by the counties i.e. the local government, as well. Studies show that less than 1 percent (only 0.42 percent in 2013) goes to the state government. The primary beneficiaries to which the lionís share of the property taxes goes to are the county boards of education.

This brief glance at the stateís personal taxes and average income indicates that residents may be struggling financially. A number of West Virginianís are likely to owe back taxes and be strategies to assist with minimizing taxes and penalties. Whether youíre newly in tax debt or receiving threatening letters and more, tax relief companies can assist.

 

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