Romney, West Virginia Property Taxes
The median property tax rate in Romney, 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 Romney at $102,300, the typical annual property tax bill amounts to $580, far below the national median of $2,690. Property taxes in Romney 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 Romney'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 Romney or another part of Hampshire County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Romney, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$532
Ownwell’s Romney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Romney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Romney 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 Romney, West Virginia
Property taxes in Romney, 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 Romney is 0.52%, significantly lower than the U.S. national median of 0.99%. Local government entities within Romney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Romney 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 Romney's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26757 has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these areas compare with Romney 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 Romney 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 Romney, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26757 | 0.37% | 0.50% | 0.52% | 0.67% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Romney, West Virginia
In Romney, 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 Romney, 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 Romney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 26757, with a median tax bill of $580.
Average Romney Assessed Value
$102,300
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 Romney, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26757 | $34,200 | $66,600 | $102,300 | $143,300 | $200,400 |
Source: Ownwell
Property Tax Bills Across Romney, West Virginia
In Romney, Hampshire County, WV, property tax bills are calculated based on the assessed value of a property. The median home price in the area is $102,300, and the assessed value forms the basis for the tax bill. Local tax rates are applied to this assessed value to determine the annual property tax bill. For example, homeowners in the 25th percentile pay around $371, while those in the 75th percentile face bills closer to $850. At the 90th percentile, the tax bill can reach up to $1,213. Factors such as property size, location, and improvements can influence the assessed value, thereby impacting the tax bill. Compared to the national median property tax rate of 0.99%, Romney's rates can be considered moderate. These taxes are crucial for funding local services like schools, infrastructure, and emergency services, directly affecting the quality of life for homeowners. Understanding these factors helps homeowners anticipate their tax obligations and plan accordingly.
Average Romney Tax Bill
$580
Average Hampshire County Tax Bill
$567
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Romney, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26757 | $212 | $371 | $580 | $850 | $1,213 |
Source: Ownwell