Oceana, West Virginia Property Taxes
The median property tax rate in Oceana, WV is 0.68%, which is notably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $30,500 in Oceana, the typical annual property tax bill amounts to $228, significantly below the national median of $2,690. Property taxes in Oceana are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Oceana'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 Oceana or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oceana, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$207
Ownwell’s Oceana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oceana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oceana 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 Oceana, West Virginia
Property taxes in Oceana, 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 Oceana is 0.68%, which is below the U.S. national median of 0.99%. Local government entities within Oceana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oceana 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 Oceana's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 24870 has both the highest and lowest median property tax rate in the region, at 0.68%. Understanding how these cities compare with Oceana provides valuable insights into the varying tax landscape across Wyoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oceana Tax Rate
0.68%
Average Wyoming County Tax Rate
0.68%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oceana, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24870 | 0.22% | 0.68% | 0.68% | 1.37% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Oceana, West Virginia
In Oceana, 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 Wyoming 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 Oceana, 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 Oceana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 24870 has the highest and lowest median tax bill at $228.
Average Oceana Assessed Value
$30,500
Average Wyoming County Assessed Value
$25,000
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oceana, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24870 | $8,960 | $20,350 | $30,500 | $46,650 | $71,040 |
Source: Ownwell
Property Tax Bills Across Oceana, West Virginia
In Oceana, WV, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Oceana, the median home price stands at $30,500. With the national median property tax rate at 0.99%, local variations can significantly impact the final tax amount. Factors influencing the tax bill include the home's location, its assessed value, and any applicable exemptions. In Oceana, the 25th percentile tax bill is $119, while the 75th percentile reaches $414, and the 90th percentile can be as high as $649. The highest and lowest median tax bills in the area both stand at $228, highlighting a relatively consistent tax rate across different properties in the region. These property tax bills significantly affect homeowners by contributing to their annual expenses and influencing decisions about property investments and homeownership. Understanding these factors can help homeowners better plan for their financial obligations.
Average Oceana Tax Bill
$228
Average Wyoming County Tax Bill
$190
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Oceana, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24870 | $44 | $119 | $228 | $414 | $649 |
Source: Ownwell