Yolyn, West Virginia Property Taxes
The median property tax rate in Yolyn, WV is 0.75%, slightly higher than the state median of 0.72% but lower than the national median of 0.99%. With the median home value in Yolyn at $28,900, the typical annual property tax bill amounts to $215, significantly below the national median of $2,690. Property taxes in Yolyn are calculated based on the assessed value, which usually falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Yolyn'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 Yolyn or another part of Logan County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Yolyn, 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 Yolyn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Yolyn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Yolyn 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 Yolyn, West Virginia
Property taxes in Yolyn, West Virginia, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Yolyn is 0.75%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Yolyn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Yolyn 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 Yolyn's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25654 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Yolyn provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Yolyn Tax Rate
0.75%
Average Logan County Tax Rate
0.75%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Yolyn, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25654 | 0.25% | 0.75% | 0.75% | 1.51% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Yolyn, West Virginia
In Yolyn, 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 Logan 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 Yolyn, 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. The median home price in Yolyn is $28,900, with tax bills ranging from $86 at the 25th percentile to $651 at the 90th percentile. The zip code with the highest median tax bill of $215 is 25654. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Yolyn Assessed Value
$28,900
Average Logan County Assessed Value
$40,900
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Yolyn, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25654 | $2,280 | $12,600 | $28,900 | $46,800 | $77,600 |
Source: Ownwell
Property Tax Bills Across Yolyn, West Virginia
In Yolyn, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Factors such as the property's location, size, and condition are taken into account during assessment. Once the assessed value is determined, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Yolyn, the median home price is $28,900, and the property tax rate is significantly below the national median of 0.99%. The tax bill for the 25th percentile is around $86, while the 75th percentile pays approximately $383. At the 90th percentile, the tax bill can go up to $651. The highest and lowest median tax bills in the area are both $215, indicating a consistent tax rate. These property taxes are crucial for funding local services like schools, emergency services, and infrastructure, directly impacting the quality of life in the community.
Average Yolyn Tax Bill
$215
Average Logan County Tax Bill
$306
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Yolyn, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25654 | $46 | $86 | $215 | $383 | $651 |
Source: Ownwell