Mount Hope, West Virginia Property Taxes
The median property tax rate in Mount Hope, WV is 0.92%, slightly below the national median of 0.99% but higher than the West Virginia state median of 0.72%. With a median home value of $37,500 in Mount Hope, the typical annual property tax bill is $341, which is significantly lower than the national median of $2,690. Property taxes in Mount Hope are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Mount Hope'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 Mount Hope or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Hope, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$345
Ownwell’s Mount Hope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Hope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Hope 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 Mount Hope, West Virginia
Property taxes in Mount Hope, 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 Mount Hope is 0.57%, significantly lower than both the West Virginia state median of 0.59% and the U.S. national median of 0.99%. Local government entities within Mount Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Hope 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 Mount Hope's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25880 zip code has the highest median property tax rate of 0.57%, while the same 25880 zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Mount Hope provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Hope Tax Rate
0.92%
Average Fayette County Tax Rate
0.77%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Hope, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25880 | 0.31% | 0.77% | 0.92% | 0.98% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Mount Hope, West Virginia
In Mount Hope, 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 Fayette 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 Mount Hope, 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 Mount Hope 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 $341, found in the 25880 zip code.
Property Tax Assessment Values Across Mount Hope, West Virginia
Source: Ownwell
$14,400
$74,050
$133,700
Average Mount Hope Assessed Value
$37,500
Average Fayette County Assessed Value
$52,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Hope, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25880 | $5,850 | $21,000 | $37,500 | $59,825 | $101,550 |
Source: Ownwell
Property Tax Bills Across Mount Hope, West Virginia
In Mount Hope, Fayette County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Mount Hope see a range of property tax bills, with the 25th percentile at $163 and the 75th percentile at $579. At the higher end, the 90th percentile tax bill reaches $897. These tax bills are influenced by various factors including property size, location, and any applicable exemptions or deductions. For example, the median home price in Mount Hope is $37,500, which is significantly lower than the national median. Consequently, the property tax rates in Mount Hope are also lower compared to the national median property tax rate of 0.99%. This lower tax burden can be beneficial for homeowners, making it more affordable to own and maintain property in this region.
Average Mount Hope Tax Bill
$341
Average Fayette County Tax Bill
$424
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Hope, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25880 | $69 | $163 | $341 | $579 | $897 |
Source: Ownwell