Union, West Virginia Property Taxes
The median property tax rate in Union, WV is 0.63%, notably lower than the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $76,800 in Union, the typical annual property tax bill is $478, significantly below the national median of $2,690. Property taxes in Union are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Union'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 Union or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Union, 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 Union Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Union with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Union 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 Union, West Virginia
Property taxes in Union, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Union is 0.63%, lower than the U.S. national median of 0.99%. Local government entities within Union set these rates annually, and they can vary significantly across different neighborhoods. Each year, Union 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 Union's effective property tax rate to other areas in Monroe County and the national median. For comparison, the 24983 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these areas compare with Union provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Union Tax Rate
0.63%
Average Monroe County Tax Rate
0.63%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Union, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24983 | 0.33% | 0.52% | 0.63% | 0.63% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Union, West Virginia
In Union, 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 Monroe 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 Union, 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 Union helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Union are both $478, found in the 24983 zip code.
Average Union Assessed Value
$76,800
Average Monroe County Assessed Value
$74,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Union, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24983 | $23,700 | $49,150 | $76,800 | $123,250 | $193,720 |
Source: Ownwell
Property Tax Bills Across Union, West Virginia
In Union, Monroe County, WV, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local property tax rate is applied to this assessed value to determine the tax bill. For example, with a median home price of $76,800, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $258, while the 75th percentile reaches approximately $802. At the higher end, the 90th percentile tax bill can be as much as $1,223. These tax bills are influenced by various factors, including the home's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Union's rates may seem more favorable, helping to make homeownership more affordable. However, even within the same zip code, tax bills can vary, as seen with the highest and lowest median tax bill both recorded at $478 in zip code 24983. This variability underscores the importance of understanding local tax assessments and potential exemptions.
Average Union Tax Bill
$478
Average Monroe County Tax Bill
$436
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Union, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24983 | $111 | $258 | $478 | $802 | $1,223 |
Source: Ownwell