Hico, West Virginia Property Taxes
The median property tax rate in Hico, WV is 0.77%, which is lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Hico at $75,050, the typical annual property tax bill is $559, significantly below the national median of $2,690. Property taxes in Hico are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hico'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 Hico or another part of Fayette County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hico, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$578
Ownwell’s Hico Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hico 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 Hico, West Virginia
Property taxes in Hico, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hico is 0.51%, 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 Hico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hico 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 Hico's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 25854 has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these areas compare with Hico provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hico Tax Rate
0.77%
Average Fayette County Tax Rate
0.77%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hico, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25854 | 0.40% | 0.58% | 0.77% | 0.77% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Hico, West Virginia
In Hico, 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 local 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 Hico, 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 Hico helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Hico, the highest median tax bill is $559 in the 25854 zip code, which is also the lowest median tax bill in the region.
Average Hico Assessed Value
$75,050
Average Fayette County Assessed Value
$52,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hico, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25854 | $19,400 | $41,475 | $75,050 | $112,975 | $170,050 |
Source: Ownwell
Property Tax Bills Across Hico, West Virginia
Property tax bills in Hico, Fayette County, WV, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Hico, the median home price is $75,050, and the tax bill varies significantly depending on the value of the property and the specific tax rate applied. Factors such as property location, improvements, and local government budgets influence the assessed value and the resulting tax bill. For instance, the 25th percentile tax bill is around $285, while the 75th percentile tax bill reaches $871. At the higher end, the 90th percentile tax bill can go up to $1,321. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Hico's property tax rates offer a range of financial implications for its residents, affecting affordability and overall cost of living.
Average Hico Tax Bill
$559
Average Fayette County Tax Bill
$424
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Hico, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25854 | $120 | $285 | $559 | $871 | $1,321 |
Source: Ownwell