Green Spring, West Virginia Property Taxes
The median property tax rate in Green Spring, WV is 0.52%, considerably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Green Spring at $78,500, the typical annual property tax bill reaches $424, significantly below the national median of $2,690. Property taxes in Green Spring 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 Green Spring'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 Green Spring 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
Green Spring, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$408
Ownwell’s Green Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Green Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Green Spring 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 Green Spring, West Virginia
Property taxes in Green Spring, 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 Green Spring is 0.52%, which is significantly lower than both the West Virginia state median of 0.57% and the U.S. national median of 0.99%. Local government entities within Green Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Green Spring 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 Green Spring's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 26722 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 Green Spring 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 Green Spring 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 Green Spring, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26722 | 0.38% | 0.52% | 0.52% | 1.05% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Green Spring, West Virginia
In Green Spring, 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 Green Spring, 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 Green Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in this area is $78,500, with tax bills ranging from $254 at the 25th percentile to $1,070 at the 90th percentile. The zip code 26722 has both the highest and lowest median tax bill, recorded at $424.
Property Tax Assessment Values Across Green Spring, West Virginia
Source: Ownwell
$61,800
$203,650
$345,500
Average Green Spring Assessed Value
$78,500
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 Green Spring, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26722 | $20,980 | $39,600 | $78,500 | $132,250 | $195,320 |
Source: Ownwell
Property Tax Bills Across Green Spring, West Virginia
In Green Spring, WV, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which is periodically evaluated by county assessors. For homeowners in Green Spring, the median home price stands at $78,500. The property tax rate in this area is relatively modest compared to the national median of 0.99%. Homeowners might see varying tax bills based on their property's assessed value and applicable exemptions. The 25th percentile tax bill is $254, indicating that a quarter of homeowners pay less than this amount. On the higher end, the 75th percentile tax bill is $721, while the 90th percentile reaches up to $1,070. These variations highlight the range of property values and the impact of different assessments and exemptions. Understanding these factors is crucial for homeowners as property taxes can significantly affect annual expenses. Accurate assessments ensure a fair distribution of the tax burden, contributing to local services and infrastructure.
Average Green Spring Tax Bill
$424
Average Hampshire County Tax Bill
$567
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Green Spring, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26722 | $147 | $254 | $424 | $721 | $1,070 |
Source: Ownwell