Old Fields, West Virginia Property Taxes
The median property tax rate in Old Fields, WV is 0.52%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Old Fields, the typical annual property tax bill comes to $507, well below the national median of $2,690. Property taxes in Old Fields are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Old Fields' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Old Fields 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
Old Fields, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$506
Ownwell’s Old Fields Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Old Fields with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Fields 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 Old Fields, West Virginia
Property taxes in Old Fields, West Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Fields is 0.52%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Old Fields set these rates annually, and they can vary across different neighborhoods. Each year, Old Fields 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 Old Fields' effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26845 has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Old Fields 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 Old Fields 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 Old Fields, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26845 | 0.33% | 0.44% | 0.52% | 0.52% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Old Fields, West Virginia
In Old Fields, 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 Hampshire 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 Old Fields, 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 Old Fields helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 26845, with a median tax bill of $507.
Property Tax Assessment Values Across Old Fields, West Virginia
Source: Ownwell
$61,800
$203,650
$345,500
Average Old Fields Assessed Value
$97,250
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 Old Fields, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26845 | $11,610 | $60,575 | $97,250 | $151,150 | $230,820 |
Source: Ownwell
Property Tax Bills Across Old Fields, West Virginia
In Old Fields, Hampshire County, WV, property tax bills are calculated based on the assessed value of your home. This assessed value is a percentage of the market value determined by the county assessor's office. The tax rate applied to this assessed value is what determines your annual property tax bill. Factors such as the location of your property, its size, and any improvements made can influence the assessed value. For homeowners in Old Fields, the median home price is $97,250. Property tax bills can vary significantly, with the 25th percentile tax bill at $321 and the 75th percentile at $720. At the 90th percentile, the tax bill reaches $1,050. Comparatively, the national median property tax rate is 0.99%, which can provide a benchmark for understanding local rates. Homeowners in Old Fields should be aware of these factors as they can significantly impact their annual financial planning and overall cost of homeownership.
Average Old Fields Tax Bill
$507
Average Hampshire County Tax Bill
$567
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Old Fields, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26845 | $229 | $321 | $507 | $720 | $1,050 |
Source: Ownwell