Springfield, West Virginia Property Taxes
The median property tax rate in Springfield, WV is 0.72%, aligning with the state median but lower than the national median of 0.99%. With the median home value in Springfield at $111,300, the typical annual property tax bill is $745, significantly below the national median of $2,690. Property taxes in Springfield are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Springfield'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 Springfield or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Springfield, 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 Springfield Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers aiming to estimate their annual property taxes in Springfield with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Springfield to provide an accurate property tax estimate. This valuable tool helps you gauge potential tax liabilities effectively. For those interested in more detailed insights, scrolling down reveals trends at a neighborhood level. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Springfield, West Virginia
Property taxes in Springfield, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springfield is 0.72%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Springfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springfield 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 Springfield's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26763 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Springfield provides valuable insights into the varying tax landscape across Mineral County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springfield Tax Rate
0.72%
Average Mineral County Tax Rate
0.72%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springfield, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26763 | 0.47% | 0.61% | 0.72% | 0.72% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Springfield, West Virginia
In Springfield, 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 Mineral 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 Springfield, 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 Springfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Springfield is $745.00, both in the 26763 zip code.
Property Tax Assessment Values Across Springfield, West Virginia
Source: Ownwell
$28,200
$78,150
$128,100
Average Springfield Assessed Value
$111,300
Average Mineral County Assessed Value
$84,700
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Springfield, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26763 | $29,180 | $57,200 | $111,300 | $180,700 | $242,460 |
Source: Ownwell
Property Tax Bills Across Springfield, West Virginia
In Springfield, Mineral County, WV, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value of the property. Homeowners in Springfield can expect a median home price of $111,300, which plays a significant role in their tax calculations. Tax bills vary widely, with the 25th percentile paying around $424 and the 90th percentile reaching up to $1,700. The highest median tax bill in the area is $745, found in zip code 26763. These figures illustrate the range of financial impact on homeowners, depending on their property’s assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Springfield's rates can be considered moderate. Homeowners need to be aware of these factors as they directly influence their annual financial obligations and can vary significantly within the county.
Average Springfield Tax Bill
$745
Average Mineral County Tax Bill
$634
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Springfield, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26763 | $204 | $424 | $745 | $1,228 | $1,700 |
Source: Ownwell