Oakvale, West Virginia Property Taxes
The median property tax rate in Oakvale, WV is 0.68%, lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $89,700 in Oakvale, the typical annual property tax bill is $612, which is significantly below the national median of $2,690. Property taxes in Oakvale are calculated based on the tax assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural land. Understanding Oakvale'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 Oakvale or another part of Mercer County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oakvale, 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 Oakvale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakvale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakvale 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 Oakvale, West Virginia
Property taxes in Oakvale, West Virginia, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakvale is 0.68%, lower than the U.S. national median of 0.99%. Local government entities within Oakvale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakvale 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 Oakvale's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 24739 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Oakvale 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 Oakvale 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 Oakvale, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24739 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Oakvale, West Virginia
In Oakvale, 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 Oakvale, 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 Oakvale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 24739, both at $612.
Average Oakvale Assessed Value
$89,700
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 Oakvale, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24739 | $89,700 | $89,700 | $89,700 | $89,700 | $89,700 |
Source: Ownwell
Property Tax Bills Across Oakvale, West Virginia
In Oakvale, WV, property tax bills are calculated based on the assessed value of a home, which is often a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Oakvale, the median home price stands at $89,700, with property tax bills consistently around $612, which aligns with the 25th, 75th, and 90th percentiles. This uniformity suggests a stable tax environment, making it easier for homeowners to predict their annual expenses. Comparatively, the national median property tax rate is 0.99%, highlighting that Oakvale's property tax rate is relatively moderate. This stability in property tax bills can provide financial predictability for homeowners, aiding in budgeting and long-term financial planning. Understanding these factors can help residents better manage their property-related finances.
Average Oakvale Tax Bill
$612
Average Mercer County Tax Bill
$442
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakvale, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24739 | $612 | $612 | $612 | $612 | $612 |
Source: Ownwell