Oak Hill, West Virginia Property Taxes
The median property tax rate in Oak Hill, WV is 0.92%, which is slightly below the national median of 0.99% but higher than the West Virginia state median of 0.72%. With a median home value of $66,500 in Oak Hill, the typical annual property tax bill amounts to $575, which is significantly lower than the national median of $2,690. Property taxes in Oak Hill are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Oak Hill's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in Oak Hill or another area within Fayette County, gaining insight into the local property tax framework is essential for optimizing financial benefits.
Last Updated June 14, 2024
Oak Hill, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$612
Ownwell’s Oak Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Hill 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 Oak Hill, West Virginia
Property taxes in Oak Hill, 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 Oak Hill is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Oak Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Hill 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 Oak Hill's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 25901 has both the highest and the lowest median property tax rate of 0.92%. Understanding how these areas compare with Oak Hill provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Hill Tax Rate
0.92%
Average Fayette County Tax Rate
0.77%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Hill, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25901 | 0.44% | 0.67% | 0.92% | 0.92% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Oak Hill, West Virginia
In Oak Hill, 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 Fayette 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 Oak Hill, 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. The median home price in Oak Hill is $66,500, with tax bills ranging from $307 at the 25th percentile to $1,301 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 Oak Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oak Hill Assessed Value
$66,500
Average Fayette County Assessed Value
$52,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Hill, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25901 | $14,800 | $40,600 | $66,500 | $94,800 | $141,100 |
Source: Ownwell
Property Tax Bills Across Oak Hill, West Virginia
In Oak Hill, property tax bills are calculated based on the assessed value of your home, which is determined by the county's property assessor. The assessed value is a percentage of the market value of your property. For instance, with a median home price of $66,500, the property tax rate in Oak Hill is derived from this assessed value. The tax bill can vary significantly; the 25th percentile tax bill is around $307, while the 75th percentile reaches up to $894, and the 90th percentile is as high as $1301. These figures indicate that homeowners in Oak Hill can expect their property tax bills to fall within this range, depending on their property's assessed value and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Oak Hill's rates can be seen as relatively moderate, providing some relief to homeowners. Understanding these factors can help property owners better anticipate their annual tax obligations and plan their finances accordingly.
Average Oak Hill Tax Bill
$575
Average Fayette County Tax Bill
$424
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Hill, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25901 | $131 | $307 | $575 | $894 | $1,301 |
Source: Ownwell