Lorado, West Virginia Property Taxes
The median property tax rate in Lorado, WV is 0.75%, slightly higher than the state median of 0.72% but lower than the national median of 0.99%. With a median home value of $24,700 in Lorado, the typical annual property tax bill amounts to $166, significantly below the national median of $2,690. Property taxes in Lorado are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding Lorado'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 Lorado or another part of Logan County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lorado, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$185
Ownwell’s Lorado Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lorado with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lorado 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 Lorado, West Virginia
Property taxes in LORADO, 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 LORADO is 0.75%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within LORADO set these rates annually, and they can vary significantly across different neighborhoods. Each year, LORADO 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 LORADO's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25630 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with LORADO provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lorado Tax Rate
0.75%
Average Logan County Tax Rate
0.75%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lorado, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25630 | 0.20% | 0.43% | 0.75% | 0.75% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Lorado, West Virginia
In Lorado, 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 Logan 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 Lorado, 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 Lorado helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $166, found in the 25630 zip code.
Average Lorado Assessed Value
$24,700
Average Logan County Assessed Value
$40,900
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lorado, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25630 | $7,140 | $14,050 | $24,700 | $43,500 | $56,020 |
Source: Ownwell
Property Tax Bills Across Lorado, West Virginia
In LORADO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate, applied to this assessed value, determines the final tax bill. For example, with a median home price of $24,700, homeowners can expect varying tax bills depending on their property's specific assessed value. Factors such as property location within Logan County, home improvements, and neighborhood developments can influence this assessed value. Homeowners in LORADO can see tax bills ranging from $87 at the 25th percentile to $394 at the 90th percentile. The highest median tax bill in the area is $166 in the zip code 25630, which is relatively low compared to the national median property tax rate of 0.99%. These property taxes fund essential community services like schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these taxes are calculated can help homeowners better manage their finances and anticipate future expenses.
Average Lorado Tax Bill
$166
Average Logan County Tax Bill
$306
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Lorado, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25630 | $46 | $87 | $166 | $283 | $394 |
Source: Ownwell