Shanks, West Virginia Property Taxes
The median property tax rate in Shanks, 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 Shanks at $97,850, the typical annual property tax bill reaches $501, significantly less than the national median of $2,690. Property taxes in Shanks 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 Shanks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Shanks 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
Shanks, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$509
Ownwell’s Shanks Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Shanks using just two key data points. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Shanks to provide an estimated property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, aiding in financial planning and decision-making. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Shanks, West Virginia
Property taxes in Shanks, West Virginia, are crucial for supporting essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shanks 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 Shanks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shanks 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 Shanks' effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26761 zip code 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 cities compare with Shanks 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 Shanks 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 Shanks, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26761 | 0.33% | 0.46% | 0.52% | 0.52% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Shanks, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Shanks, WV. 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 Appraisal District 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 Shanks, 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. The median home price in Shanks is $97,850, with tax bills ranging from $305 at the 25th percentile to $981 at the 90th percentile. The zip code 26761 has the highest and lowest median tax bill of $501. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shanks Assessed Value
$97,850
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 Shanks, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26761 | $34,310 | $61,300 | $97,850 | $141,100 | $181,880 |
Source: Ownwell
Property Tax Bills Across Shanks, West Virginia
In Shanks, Hampshire 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 then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Shanks, the median home price is $97,850, and the property tax rate is applied to this value to calculate the tax bill. Several factors influence the tax bill, including the property's assessed value, any applicable exemptions, and the local tax rate. Homeowners in Shanks can expect their tax bills to vary, with the 25th percentile paying around $305 annually, while those in the 75th percentile pay approximately $741. At the 90th percentile, the tax bill can reach up to $981. These property taxes contribute to local services such as schools, infrastructure, and emergency services, directly impacting the community. Comparatively, Shanks' property tax rate is below the national median of 0.99%, making it relatively affordable for homeowners.
Average Shanks Tax Bill
$501
Average Hampshire County Tax Bill
$567
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Shanks, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26761 | $174 | $305 | $501 | $741 | $981 |
Source: Ownwell