Lahmansville, West Virginia Property Taxes
The median property tax rate in Lahmansville, WV is 0.48%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $96,800 in Lahmansville, the typical annual property tax bill amounts to $413, which is well below the national median of $2,690. Property taxes in Lahmansville are determined based on the tax assessed value, typically lower than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Lahmansville's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're located in the heart of Lahmansville or its surrounding areas, a thorough grasp of the local property tax system can be highly beneficial.
Last Updated June 14, 2024
Lahmansville, 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 Lahmansville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lahmansville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lahmansville 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 Lahmansville, West Virginia
Property taxes in Lahmansville, 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 Lahmansville is 0.48%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Lahmansville set these rates annually, and they can vary across different neighborhoods. Each year, Lahmansville 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 Lahmansville's effective property tax rate to other areas in Grant County and the national median. For comparison, the zip code 26731 has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these areas compare with Lahmansville provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lahmansville Tax Rate
0.48%
Average Grant County Tax Rate
0.48%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lahmansville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26731 | 0.33% | 0.42% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Lahmansville, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lahmansville, WV. 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 Grant 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 Lahmansville, 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 Lahmansville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lahmansville is $96,800, with tax bills ranging from $223 at the 25th percentile to $845 at the 90th percentile. The zip code 26731 has both the highest and lowest median tax bill at $413.
Property Tax Assessment Values Across Lahmansville, West Virginia
Source: Ownwell
$32,100
$90,850
$149,600
Average Lahmansville Assessed Value
$96,800
Average Grant County Assessed Value
$73,700
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lahmansville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26731 | $29,220 | $47,600 | $96,800 | $125,000 | $195,900 |
Source: Ownwell
Property Tax Bills Across Lahmansville, West Virginia
In Lahmansville, located in Grant County, WV, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which in Lahmansville has a median home price of $96,800. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions or abatements. For example, the 25th percentile tax bill in Lahmansville is $223, while the 75th percentile is $595, and the 90th percentile reaches $845. These figures highlight how property values and local tax rates combine to affect homeowners differently. Compared to the national median property tax rate of 0.99%, Lahmansville's property tax rates are relatively moderate, providing some financial relief to homeowners. However, understanding these variables is crucial for homeowners to anticipate their annual tax obligations and manage their finances effectively.
Average Lahmansville Tax Bill
$413
Average Grant County Tax Bill
$353
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Lahmansville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26731 | $117 | $223 | $413 | $595 | $845 |
Source: Ownwell