Monongah, West Virginia Property Taxes
The median property tax rate in Monongah, WV is 0.89%, slightly lower than the national median of 0.99% but higher than the West Virginia state median of 0.72%. With a median home value of $61,800 in Monongah, the typical annual property tax bill is approximately $571, which is below the national median of $2,690. Property taxes in Monongah are calculated based on the assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Monongah'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 Monongah or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monongah, 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 Monongah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monongah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monongah 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 Monongah, West Virginia
Property taxes in Monongah, 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 Monongah is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Monongah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monongah 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 Monongah's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26554 has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Monongah provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monongah Tax Rate
0.89%
Average Marion County Tax Rate
0.74%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monongah, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26554 | 0.60% | 0.74% | 0.89% | 1.48% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Monongah, West Virginia
In Monongah, 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 Marion County Assessor's Office 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 Monongah, 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. With a median home price of $61,800, the tax bills can vary significantly. For instance, the 25th percentile tax bill is $383, while the 75th percentile is $871, and the 90th percentile reaches $1,180. The highest and lowest median tax bills are both $571 in the 26554 zip code. 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 Monongah helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monongah Assessed Value
$61,800
Average Marion County Assessed Value
$104,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monongah, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26554 | $20,480 | $44,700 | $61,800 | $78,600 | $159,160 |
Source: Ownwell
Property Tax Bills Across Monongah, West Virginia
In Monongah, located in Marion County, WV, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The tax rate, applied to this assessed value, determines the annual tax bill. Factors such as property size, location, and improvements influence the assessed value. Homeowners in Monongah experience a range of tax bills; the 25th percentile tax bill is around $383, while the 75th percentile reaches $871, and the 90th percentile can go up to $1,180. Comparatively, the national median property tax rate is 0.99%, making Monongah's property taxes relatively manageable for homeowners. The highest and lowest median tax bills in the area are both $571, indicating a consistent tax rate across different properties within the same zip code. These tax bills directly impact homeowners' financial planning, affecting their monthly budgets and long-term investments in their properties.
Average Monongah Tax Bill
$571
Average Marion County Tax Bill
$886
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Monongah, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26554 | $121 | $383 | $571 | $871 | $1,180 |
Source: Ownwell