Springfield, West Virginia Property Taxes
The median property tax rate in Springfield, WV is 0.52%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Springfield at $80,200, the typical annual property tax bill amounts to $439, which is well below the national median of $2,690. Property taxes in Springfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Springfield'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 Springfield 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
Springfield, West Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,440
Ownwell’s Springfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Springfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springfield 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 Springfield, West Virginia
Property taxes in Springfield, 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 Springfield is 0.52%, which is lower than the U.S. national median of 0.99%. Local government entities within Springfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springfield 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 Springfield's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 26763 has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Springfield 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 Springfield 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 Springfield, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26763 | 0.38% | 0.52% | 0.52% | 1.05% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Springfield, West Virginia
In Springfield, 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's Office 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 Springfield, 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 Springfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $439 in the 26763 zip code, while the lowest is also $439 in the same zip code.
Property Tax Assessment Values Across Springfield, West Virginia
Source: Ownwell
$61,800
$203,650
$345,500
Average Springfield Assessed Value
$80,200
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 Springfield, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26763 | $9,420 | $34,600 | $80,200 | $129,900 | $194,640 |
Source: Ownwell
Property Tax Bills Across Springfield, West Virginia
In Springfield, Hampshire County, WV, property tax bills are calculated based on the assessed value of the home, which is derived from the market value. The median home price in Springfield is $80,200. Property taxes are then applied to this assessed value using the local tax rate. For example, homeowners in the 25th percentile can expect a tax bill around $236, while those in the 75th percentile might see bills closer to $740. The 90th percentile tax bill can reach up to $1,050. These figures highlight the variability in tax bills depending on property values and specific assessments. The highest and lowest median tax bill in the area both stand at $439, indicating a uniformity in certain tax brackets. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark to understand local tax burdens. For Springfield homeowners, understanding these factors is crucial as property taxes significantly impact annual budgets and long-term financial planning.
Average Springfield Tax Bill
$439
Average Hampshire County Tax Bill
$567
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Springfield, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26763 | $101 | $236 | $439 | $740 | $1,050 |
Source: Ownwell