Yawkey, West Virginia Property Taxes
The median property tax rate in Yawkey, WV is 0.75%, slightly higher than the West Virginia state median of 0.72% but below the national median of 0.99%. With a median home value of $55,600 in Yawkey, the typical annual property tax bill amounts to $379, significantly lower than the national median of $2,690. Property taxes in Yawkey are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Yawkey's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Yawkey or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Yawkey, 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 Yawkey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Yawkey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Yawkey 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 Yawkey, West Virginia
Property taxes in Yawkey, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Yawkey is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Yawkey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Yawkey 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 Yawkey's effective property tax rate to other areas in West Virginia and the national median. For comparison, the 25573 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Yawkey provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Yawkey Tax Rate
0.75%
Average Lincoln County Tax Rate
0.75%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Yawkey, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25573 | 0.34% | 0.51% | 0.75% | 0.75% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Yawkey, West Virginia
In Yawkey, 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 Lincoln 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 Yawkey, 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 Yawkey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 25573, amounting to $379, while the lowest median tax bill is also in 25573, at $379.
Average Yawkey Assessed Value
$55,600
Average Lincoln County Assessed Value
$50,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Yawkey, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25573 | $15,500 | $35,050 | $55,600 | $84,050 | $124,820 |
Source: Ownwell
Property Tax Bills Across Yawkey, West Virginia
In Yawkey, West Virginia, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations made to the property. For homeowners in Yawkey, the median home price is $55,600. Property tax bills can vary significantly, with the 25th percentile tax bill at $211 and the 90th percentile reaching up to $953. This variation reflects differences in property values and specific circumstances of each home. The highest median tax bill in the area is $379, which is consistent across the 25573 zip code. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners must budget for these taxes as part of their annual expenses, ensuring they can meet their financial obligations while contributing to the community's overall well-being.
Average Yawkey Tax Bill
$379
Average Lincoln County Tax Bill
$343
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Yawkey, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25573 | $81 | $211 | $379 | $620 | $953 |
Source: Ownwell