Yellow Spring, West Virginia Property Taxes
The median property tax rate in Yellow Spring, WV is 0.52%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $152,900 in Yellow Spring, the typical annual property tax bill amounts to $851, which is well below the national median of $2,690. Property taxes in Yellow Spring are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Yellow Spring'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 Yellow Spring or another part of Hampshire County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Yellow Spring, 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 Yellow Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Yellow Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Yellow Spring 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 Yellow Spring, West Virginia
Property taxes in Yellow Spring, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Yellow Spring is 0.52%, which is lower than the U.S. national median of 0.99%. Local government entities within Yellow Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Yellow Spring 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 Yellow Spring's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26865 zip code 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 Yellow Spring 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 Yellow Spring 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 Yellow Spring, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26865 | 0.42% | 0.52% | 0.52% | 0.52% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Yellow Spring, West Virginia
In Yellow Spring, 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 Yellow Spring, 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 Yellow Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in the zip code 26865 is $851.
Property Tax Assessment Values Across Yellow Spring, West Virginia
Source: Ownwell
$61,800
$203,650
$345,500
Average Yellow Spring Assessed Value
$152,900
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 Yellow Spring, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26865 | $53,860 | $96,800 | $152,900 | $221,700 | $304,260 |
Source: Ownwell
Property Tax Bills Across Yellow Spring, West Virginia
In Yellow Spring, located in Hampshire County, WV, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor and is typically a percentage of the property's market value. Homeowners in Yellow Spring can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $554, while at the 75th percentile, it rises to $1219, and at the 90th percentile, it can reach as high as $1770. These tax bills are influenced by multiple factors, including the property's location, size, and any improvements made. The median property tax rate in Hampshire County is 0.99%, which is in line with the national median. This means that for an average home price of $152,900, homeowners can expect a median tax bill of approximately $851. Understanding these factors helps homeowners in Yellow Spring plan their finances better and anticipate their annual property tax obligations.
Average Yellow Spring Tax Bill
$851
Average Hampshire County Tax Bill
$567
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Yellow Spring, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26865 | $323 | $554 | $851 | $1,219 | $1,770 |
Source: Ownwell