Montana Mines, West Virginia Property Taxes
The median property tax rate in Montana Mines, WV is 0.74%, slightly higher than the state median of 0.72% but below the national median of 0.99%. With a median home value of $63,400 in Montana Mines, the typical annual property tax bill amounts to $496, significantly lower than the national median of $2,690. Property taxes in Montana Mines are calculated based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Montana Mines' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Montana Mines 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
Montana Mines, 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 Montana Mines Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Montana Mines with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Montana Mines to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Montana Mines, West Virginia
Property taxes in Montana Mines, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montana Mines is 0.74%, which is below the U.S. national median of 0.99%. Local government entities within Montana Mines set these rates annually, and they can vary across different neighborhoods. Each year, Montana Mines 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 Montana Mines' effective property tax rate to other areas in Marion County and the national median. For comparison, the zip code 26586 has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Montana Mines 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 Montana Mines Tax Rate
0.74%
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 Montana Mines, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26586 | 0.46% | 0.74% | 0.74% | 1.48% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Montana Mines, West Virginia
In Montana Mines, 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 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 Montana Mines, 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 Montana Mines helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 26586, with a median bill of $496.00, and the same zip code also has the lowest median tax bill at $496.00.
Property Tax Assessment Values Across Montana Mines, West Virginia
Source: Ownwell
$7,100
$122,075
$237,050
Average Montana Mines Assessed Value
$63,400
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 Montana Mines, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26586 | $16,050 | $32,225 | $63,400 | $102,450 | $165,340 |
Source: Ownwell
Property Tax Bills Across Montana Mines, West Virginia
In Montana Mines, WV, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. For a median home price of $63,400, homeowners can expect varying tax bills depending on several factors. The assessed value is multiplied by the local tax rate to determine the annual property tax bill. For example, the tax bill at the 25th percentile is around $257, while homeowners at the 75th percentile pay approximately $874. Those at the 90th percentile face a tax bill of about $1,407. Factors that influence these amounts include property size, location, and improvements made to the home. The highest and lowest median tax bills in the area are both $496, indicating a relatively uniform tax rate across the region. Compared to the national median property tax rate of 0.99%, Montana Mines offers a more affordable tax environment, which can be beneficial for homeowners seeking lower annual expenses. This system ensures that property taxes are proportional to the value of the property, providing a fair way to fund local services and infrastructure.
Average Montana Mines Tax Bill
$496
Average Marion County Tax Bill
$886
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Montana Mines, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26586 | $129 | $257 | $496 | $874 | $1,407 |
Source: Ownwell