Cost of Living in West Virginia

The Cost of Living index compares costs between areas in the United States on the basis of six measurements: housing, food and groceries, transportation, utilities, health care, and miscellaneous expenses such as clothing, services, and entertainment. The average cost of living in the United States is represented as a value of 100. A value of 95 would mean that it costs 5% less than the national average to live a particular geographic area, and a value of 110 would mean that it's 10% more expensive. The overall Cost of Living Index (COLI) for the 17 West Virginia cities rated is 97.0.

Tax Information
There are three separate revenue streams to fund the governmental operation of West Virginia, Income, Property, and Sales tax.

Personal Income Tax
This is a graduated tax, with these graduations beginning at $10,000 and continuing through $60,000. Only that portion of Social Security benefits that is included in Federal adjusted gross income is subject to state income tax.

Military Retirement Exemption
The first thirty thousand dollars in benefits derived from military retirement is exempted from West Virginia personal income tax obligations.

Property Tax
Property taxes are levied on both real and personal property in West Virginia. In general, real property is land and anything permanently attached to land, and personal property is all other objects or rights that can be owned. The West Virginia Department of Tax and Revenue supervises the collection of these taxes which is done by local county officials. The primary beneficiaries of the Property Tax are county boards of education. Property is assessed according to its use, location and value as of July 1 of each year. Each county and municipality can impose its own rates of property taxation within the limits set by the West Virginia Constitution. The West Virginia Legislature sets the rate of tax of county boards of education. All county boards of education Statewide use this rate.

Homestead Exemption
This exemption is for residents sixty-five and older who own and occupy their home exclusively for residential purposes. The homeowner who has legally resided in West Virginia for two consecutive taxable years prior to filing a claim qualifies for an exemption from ad valorem property taxes on the first $20,000 of the assessed value of the homestead.

Sales Tax
Currently, this tax is six percent on all purchases including food. Prescription drugs, insulin, and purchases made with food stamps are exempt from taxation.