Jane Lew, West Virginia Property Taxes
The median property tax rate in Jane Lew, WV is 0.53%, considerably lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Jane Lew at $102,300, the typical annual property tax bill is $549, significantly below the national median of $2,690. Property taxes in Jane Lew are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Jane Lew's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Jane Lew or another part of Lewis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jane Lew, 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 Jane Lew Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Jane Lew with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jane Lew to provide an estimate of your property tax bill. This valuable tool aids in understanding potential tax liabilities, ensuring you are well-prepared for any financial obligations. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Jane Lew, West Virginia
Property taxes in Jane Lew, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jane Lew is 0.53%, lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Jane Lew set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jane Lew 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 Jane Lew's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 26378 has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Jane Lew provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jane Lew Tax Rate
0.53%
Average Lewis County Tax Rate
0.53%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jane Lew, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26378 | 0.36% | 0.45% | 0.53% | 0.53% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Jane Lew, West Virginia
In Jane Lew, 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 Lewis 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 Jane Lew, 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. For instance, the median home price in Jane Lew is $102,300, with tax bills ranging from $297 at the 25th percentile to $1,292 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jane Lew Assessed Value
$102,300
Average Lewis County Assessed Value
$72,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jane Lew, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26378 | $10,770 | $54,425 | $102,300 | $153,025 | $235,160 |
Source: Ownwell
Property Tax Bills Across Jane Lew, West Virginia
In Jane Lew, located in Lewis County, WV, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value, which is determined by local tax assessors. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Homeowners in Jane Lew face varying tax bills depending on the value of their property. For example, homes in the 25th percentile have tax bills around $297, while those in the 75th percentile can see bills up to $858. The highest tax bills, such as those in the 90th percentile, can reach $1,292. Compared to the national median property tax rate of 0.99%, Jane Lew's tax rates reflect the local economic conditions and property values. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and public safety, thereby influencing the overall cost of homeownership in the area.
Average Jane Lew Tax Bill
$549
Average Lewis County Tax Bill
$437
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Jane Lew, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26378 | $96 | $297 | $549 | $858 | $1,292 |
Source: Ownwell