Gypsy, West Virginia Property Taxes
The median property tax rate in Gypsy, WV is 0.70%, slightly lower than the state median of 0.72% and well below the national median of 0.99%. With a median home value of $34,700, the typical annual property tax bill in Gypsy amounts to $251, significantly less than the national median of $2,690. Property taxes in Gypsy are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Gypsy's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you reside in the heart of Gypsy or another part of the city, familiarizing yourself with the local property tax system will be advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Gypsy, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$243
-$2,546
Ownwell’s Gypsy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gypsy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gypsy 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 Gypsy, West Virginia
Property taxes in Gypsy, 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 Gypsy is 0.54%, which is lower than both the West Virginia state median of 0.57% and the U.S. national median of 0.99%. Local government entities within Gypsy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gypsy 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 Gypsy's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26361 zip code has the highest median property tax rate of 0.70%, while the 26361 zip code also has the lowest median tax rate of 0.70%. Understanding how these areas compare with Gypsy provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gypsy Tax Rate
0.70%
Average Harrison County Tax Rate
0.74%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gypsy, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26361 | 0.33% | 0.70% | 0.70% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Gypsy, West Virginia
In Gypsy, 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 Harrison 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 Gypsy, 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 Gypsy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Gypsy is $251 in the 26361 zip code, while the lowest is also $251 in the same zip code.
Average Gypsy Assessed Value
$34,700
Average Harrison County Assessed Value
$76,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gypsy, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26361 | $7,600 | $17,600 | $34,700 | $49,950 | $87,820 |
Source: Ownwell
Property Tax Bills Across Gypsy, West Virginia
In Gypsy, Harrison County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Local tax rates, known as millage rates, are then applied to this assessed value to calculate the annual tax bill. For homeowners in Gypsy, the median home price is $34,700. Property tax bills in this area can vary significantly. For instance, the tax bill at the 25th percentile is $113, while at the 75th percentile, it rises to $470. The 90th percentile tax bill reaches $624, indicating a wide range of property tax obligations depending on the value and characteristics of the property. Comparatively, the highest median tax bill in the county is $251, which is still below the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable, attracting residents who seek a balance between property value and tax liability.
Average Gypsy Tax Bill
$251
Average Harrison County Tax Bill
$688
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Gypsy, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26361 | $59 | $113 | $251 | $470 | $624 |
Source: Ownwell