Yellow Spring, West Virginia Property Taxes
The median property tax rate in Yellow Spring, WV is 0.46%, 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 $384,500, the typical annual property tax bill in Yellow Spring amounts to $1,782, which is well below the national median of $2,690. Property taxes in Yellow Spring are determined based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Yellow Spring's property tax system, exploring all available exemptions, and identifying potential reductions can lead to substantial annual savings. Whether residing in the heart of Yellow Spring or its surrounding areas, familiarizing oneself with the local property tax system can offer significant financial advantages to both homeowners and real estate investors.
Last Updated June 14, 2024
Yellow Spring, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$1,769
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Yellow Spring is 0.46%, considerably 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 both the highest and lowest median property tax rate of 0.46%, highlighting the uniformity in property tax rates within Hardy County. Understanding how these cities compare with Yellow Spring provides valuable insights into the varying tax landscape across Hardy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Yellow Spring Tax Rate
0.46%
Average Hardy County Tax Rate
0.46%
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 | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
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 Hardy County Assessor's Office 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. For instance, the median home price in Yellow Spring is $384,500, with tax bills ranging from $1,744 at the 25th percentile to $2,252 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 Yellow Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Yellow Spring, West Virginia
Source: Ownwell
$62,250
$223,375
$384,500
Average Yellow Spring Assessed Value
$384,500
Average Hardy County Assessed Value
$93,500
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 | $370,360 | $376,300 | $384,500 | $423,875 | $485,930 |
Source: Ownwell
Property Tax Bills Across Yellow Spring, West Virginia
Property tax bills in Yellow Spring, located in Hardy County, WV, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Yellow Spring typically see property tax bills ranging from $1,744 at the 25th percentile to $2,252 at the 90th percentile, with a median home price of $384,500. The highest median tax bill in the region is $1,782, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential community services such as public schools, emergency services, and infrastructure maintenance, directly impacting the quality of life for residents. Understanding how these bills are calculated helps homeowners plan their finances and advocate for fair property assessments.
Average Yellow Spring Tax Bill
$1,782
Average Hardy County Tax Bill
$439
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 | $1,717 | $1,744 | $1,782 | $1,964 | $2,252 |
Source: Ownwell