Bloomery, West Virginia Property Taxes
The median property tax rate in Bloomery, WV is 0.52%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $146,650 in Bloomery, the typical annual property tax bill amounts to $762, which is well below the national median of $2,690. Property taxes in Bloomery are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bloomery's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bloomery or another part of Hampshire County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bloomery, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$763
Ownwell’s Bloomery Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomery with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomery to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bloomery, West Virginia
Property taxes in Bloomery, West Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomery is 0.52%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Bloomery set these rates annually, and they can vary across different neighborhoods. Each year, Bloomery estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Bloomery's effective property tax rate to other areas in Hampshire County and the national median. For comparison, the zip code 26817 has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these areas compare with Bloomery provides valuable insights into the varying tax landscape across Hampshire County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomery Tax Rate
0.52%
Average Hampshire County Tax Rate
0.52%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomery, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26817 | 0.40% | 0.47% | 0.52% | 0.52% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Bloomery, West Virginia
In Bloomery, West Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Hampshire County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Bloomery, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Bloomery helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $762, found in the 26817 zip code.
Average Bloomery Assessed Value
$146,650
Average Hampshire County Assessed Value
$102,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomery, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26817 | $46,170 | $105,325 | $146,650 | $184,700 | $252,770 |
Source: Ownwell
Property Tax Bills Across Bloomery, West Virginia
In Bloomery, located in Hampshire County, WV, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Bloomery is $146,650. The property tax rate in Hampshire County is 0.52%, which is significantly lower than the national median property tax rate of 0.99%. This results in a median annual tax bill of approximately $762. Factors influencing the tax bill include the assessed value of the property and any applicable exemptions. Homeowners in the 25th percentile can expect to pay around $545, while those in the 75th percentile may face bills up to $1,088. For homes in the 90th percentile, the tax bill can reach up to $1,360. These property taxes fund essential community services such as schools, infrastructure, and public safety. Lower property tax rates can make homeownership more affordable, but they also mean that local governments must carefully allocate resources to maintain service quality.
Average Bloomery Tax Bill
$762
Average Hampshire County Tax Bill
$567
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomery, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26817 | $319 | $545 | $762 | $1,088 | $1,360 |
Source: Ownwell