Matoaka, West Virginia Property Taxes
The median property tax rate in Matoaka, WV, is 0.68%, which is lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Matoaka being $16,100, the typical annual property tax bill is $103, significantly below the national median of $2,690. Property taxes in Matoaka are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Matoaka's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Matoaka or another part of Mercer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Matoaka, 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 Matoaka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Matoaka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Matoaka 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 Mercer County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Matoaka, West Virginia
Property taxes in Matoaka, 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 Matoaka is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Matoaka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Matoaka 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 Matoaka's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 24736 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Matoaka provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Matoaka Tax Rate
0.68%
Average Mercer County Tax Rate
0.68%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Matoaka, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24736 | 0.45% | 0.68% | 0.68% | 0.74% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Matoaka, West Virginia
In Matoaka, 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 Mercer 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 Matoaka, 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 Matoaka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Mercer County is 24736, with a tax bill of $103.00, while the lowest is also 24736, with the same amount.
Average Matoaka Assessed Value
$16,100
Average Mercer County Assessed Value
$60,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Matoaka, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24736 | $1,720 | $6,100 | $16,100 | $27,800 | $42,900 |
Source: Ownwell
Property Tax Bills Across Matoaka, West Virginia
In Matoaka, property tax bills are calculated based on the assessed value of a home, which is determined by the Mercer County tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Matoaka, the median home price is $16,100, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $44, while the 75th percentile reaches $190, and the top 10% of tax bills hit $310. These tax bills are influenced by several factors, including the home's assessed value, any applicable exemptions, and the local tax rate. Compared to the national median property tax rate of 0.99%, Matoaka’s rates can be seen as relatively low, offering some financial relief to homeowners. However, even within this small community, there is a noticeable range in tax bills, reflecting the diversity in property values and individual circumstances. This variability can significantly impact homeowners' annual financial planning and budgeting.
Average Matoaka Tax Bill
$103
Average Mercer County Tax Bill
$442
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Matoaka, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24736 | $20 | $44 | $103 | $190 | $310 |
Source: Ownwell