North Spring, West Virginia Property Taxes
The median property tax rate in North Spring, WV is 0.68%, which is notably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in North Spring at $28,100, the typical annual property tax bill amounts to $178, significantly below the national median of $2,690. Property taxes in North Spring are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding North 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 North Spring or another part of Wyoming County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North 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 North Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North 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 North Spring, West Virginia
Property taxes in North 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 North Spring is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within North Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, North 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 North Spring's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 24869 zip code has the highest median property tax rate of 0.68%, while also having the lowest median tax rate of 0.68%. Understanding how these cities compare with North Spring provides valuable insights into the varying tax landscape across Wyoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Spring Tax Rate
0.68%
Average Wyoming County Tax Rate
0.68%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Spring, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24869 | 0.25% | 0.68% | 0.68% | 0.68% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across North Spring, West Virginia
In North 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 local appraisal district 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 North 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. The median home price in North Spring is $28,100. The 25th percentile tax bill is $116, while the 75th percentile tax bill is $305, and the 90th percentile tax bill is $459. The zip code with the highest and lowest median tax bill is 24869, both at $178. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across North Spring, West Virginia
Source: Ownwell
$17,200
$41,500
$65,800
Average North Spring Assessed Value
$28,100
Average Wyoming County Assessed Value
$25,000
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Spring, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24869 | $5,500 | $12,100 | $28,100 | $46,800 | $64,100 |
Source: Ownwell
Property Tax Bills Across North Spring, West Virginia
In North Spring, Wyoming County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The assessed value is a percentage of the market value of the property. Homeowners in North Spring typically see a range of property tax bills, with the 25th percentile at $116 and the 75th percentile at $305. The 90th percentile tax bill can reach up to $459, indicating a significant variance based on property values and applicable exemptions. The median home price in North Spring is $28,100, which influences the overall tax burden. Compared to the national median property tax rate of 0.99%, North Spring's property tax rates can be relatively modest, making it more affordable for homeowners. However, the exact tax bill can vary greatly depending on specific property valuations and any applicable tax exemptions or deductions. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners' annual expenses and overall financial planning.
Average North Spring Tax Bill
$178
Average Wyoming County Tax Bill
$190
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across North Spring, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24869 | $62 | $116 | $178 | $305 | $459 |
Source: Ownwell