Orma, West Virginia Property Taxes
The median property tax rate in Orma, West Virginia is 0.50%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Orma at $53,100, the typical annual property tax bill is $207, well below the national median of $2,690. Property taxes in Orma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Orma'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 Orma or another part of Calhoun County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Orma, 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 ORMA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ORMA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ORMA 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 Orma, West Virginia
Property taxes in Orma, 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 Orma is 0.50%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Orma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Orma 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 Orma's effective property tax rate to other areas in Calhoun County and the national median. For comparison, the 25268 zip code has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these areas compare with Orma provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Orma Tax Rate
0.50%
Average Calhoun County Tax Rate
0.50%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Orma, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25268 | 0.19% | 0.31% | 0.50% | 0.50% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Orma, West Virginia
In ORMA, 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 Calhoun County 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 ORMA, 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 ORMA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 25268 has the highest median tax bill at $207.00, while the lowest median tax bill is also $207.00.
Average Orma Assessed Value
$53,100
Average Calhoun County Assessed Value
$50,300
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Orma, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25268 | $10,350 | $29,600 | $53,100 | $76,700 | $109,600 |
Source: Ownwell
Property Tax Bills Across Orma, West Virginia
In the city of Orma, located in Calhoun County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. The tax rate is then applied to the assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Orma face varying property tax bills, with the 25th percentile paying around $107 and the 75th percentile paying approximately $351. At the 90th percentile, tax bills can reach up to $527. The median home price in Orma is $53,100, which influences the overall tax burden compared to the national median property tax rate of 0.99%. For homeowners, understanding these factors is crucial as property taxes significantly impact yearly financial planning and the overall cost of homeownership.
Average Orma Tax Bill
$207
Average Calhoun County Tax Bill
$231
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Orma, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25268 | $45 | $107 | $207 | $351 | $527 |
Source: Ownwell