Mount Hope, West Virginia Property Taxes
The median property tax rate in Mount Hope, WV is 0.72%, which is lower than the national median of 0.99%. With the median home value in Mount Hope at $60,500, the typical annual property tax bill is $401, significantly below the national median of $2,690. Property taxes in Mount Hope are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. 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 Raleigh County, 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
$2,500,000
$5,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,440
Ownwell’s MOUNT HOPE Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in MOUNT HOPE with just two data points. By entering your property's assessed value, the calculator applies the median tax rate in MOUNT HOPE to determine your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, scroll down to discover more localized information. Your property’s assessed value is the value assigned by Raleigh County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Mount Hope, West Virginia
Property taxes in Mount Hope, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Hope is 0.72%, which is lower than 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 ZIP code 25880 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 areas compare with Mount Hope provides valuable insights into the varying tax landscape across Raleigh County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Hope Tax Rate
0.72%
Average Raleigh County Tax Rate
0.72%
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 | 0.30% | 0.50% | 0.72% | 0.72% | 1.44% |
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 Raleigh 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 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. The median home price in Mount Hope is $60,500, with tax bills ranging from $193 at the 25th percentile to $1,073 at the 90th percentile. 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.
Average Mount Hope Assessed Value
$60,500
Average Raleigh 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 | $10,000 | $33,575 | $60,500 | $94,125 | $146,230 |
Source: Ownwell
Property Tax Bills Across Mount Hope, West Virginia
In Mount Hope, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is a percentage of the property's market value. For example, with a median home price of $60,500, the property taxes can vary significantly. Homeowners in the 25th percentile pay around $193, while those in the 75th percentile face bills of about $674. At the 90th percentile, the tax bill can reach up to $1,073. These tax bills are influenced by various factors, including property size, location, and improvements. The local tax rate in Raleigh County, where Mount Hope is located, also plays a crucial role. With the national median property tax rate at 0.99%, homeowners in Mount Hope experience a range of tax obligations that can impact their annual budgeting and financial planning. Understanding these factors can help homeowners anticipate their property tax bills and manage their finances more effectively.
Average Mount Hope Tax Bill
$401
Average Raleigh County Tax Bill
$419
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 | $73 | $193 | $401 | $674 | $1,073 |
Source: Ownwell