Old Fields, West Virginia Property Taxes
The median property tax rate in Old Fields, WV is 0.46%, 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 Old Fields at $114,900, the typical annual property tax bill is $485, well below the national median of $2,690. Property taxes in Old Fields are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Old Fields' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Old Fields or another part of Hardy County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Old Fields, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$529
Ownwell’s Old Fields Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Old Fields with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Fields 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 Old Fields, West Virginia
Property taxes in Old Fields, West Virginia, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Old Fields is 0.46%, which is lower than the U.S. national median of 0.99%. Local government entities within Old Fields set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old Fields 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 Old Fields' effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26845 zip code has the highest median property tax rate of 0.46%, while the 26845 zip code also has the lowest median tax rate of 0.46%. Understanding how these areas compare with Old Fields provides valuable insights into the varying tax landscape across Hardy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Old Fields Tax Rate
0.46%
Average Hardy County Tax Rate
0.46%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Old Fields, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26845 | 0.32% | 0.41% | 0.46% | 0.46% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Old Fields, West Virginia
In Old Fields, 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 Hardy 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 Old Fields, 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 Old Fields helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Old Fields is $485 in the 26845 zip code, which is also the lowest median tax bill, offering a unique consistency in property tax costs.
Property Tax Assessment Values Across Old Fields, West Virginia
Source: Ownwell
$62,250
$223,375
$384,500
Average Old Fields Assessed Value
$114,900
Average Hardy County Assessed Value
$93,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Old Fields, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26845 | $43,120 | $69,400 | $114,900 | $154,950 | $220,220 |
Source: Ownwell
Property Tax Bills Across Old Fields, West Virginia
In Old Fields, located in Hardy County, WV, property tax bills are calculated based on the assessed value of your home. This assessed value is determined by the county assessor and reflects a percentage of the property's market value. Homeowners in Old Fields can expect varying tax bills depending on their property's assessed value and the local tax rate. The median home price in this area is $114,900, and the property tax rate is relatively low compared to the national median of 0.99%. For instance, the 25th percentile tax bill is around $284, while the 75th percentile tax bill can reach up to $679. At the higher end, the 90th percentile tax bill is approximately $965. These figures indicate that while some homeowners may have a relatively low tax burden, others with higher-valued properties may face more substantial bills. Understanding these factors is crucial for homeowners as it directly impacts their annual expenses and overall financial planning.
Average Old Fields Tax Bill
$485
Average Hardy County Tax Bill
$439
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Old Fields, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26845 | $184 | $284 | $485 | $679 | $965 |
Source: Ownwell