Myra, West Virginia Property Taxes
The median property tax rate in Myra, WV is 0.75%, which is lower than the national median of 0.99% but slightly higher than the West Virginia state median of 0.72%. With the median home value in Myra, the typical annual property tax bill reaches $519, significantly below the national median of $2,690. Property taxes in Myra are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Myra'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 Myra or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Myra, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$402
Ownwell’s Myra Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Myra with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Myra to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. 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 Myra, West Virginia
Property taxes in Myra, 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 Myra is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Myra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Myra 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 Myra's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 25544 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Myra provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Myra Tax Rate
0.75%
Average Lincoln County Tax Rate
0.75%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Myra, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25544 | 0.75% | 0.75% | 0.75% | 0.93% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Myra, West Virginia
In Myra, 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 Lincoln County Assessor's Office 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 Myra, 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 Myra helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $519 in the 25544 zip code, while the lowest is also $519 in the same zip code.
Average Myra Assessed Value
$53,600
Average Lincoln County Assessed Value
$50,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Myra, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25544 | $25,950 | $29,775 | $53,600 | $85,050 | $102,600 |
Source: Ownwell
Property Tax Bills Across Myra, West Virginia
In Myra, Lincoln 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. Homeowners in Myra can expect their property tax bills to vary significantly. For example, the tax bill at the 25th percentile is $401, while at the 75th percentile, it rises to $635, and at the 90th percentile, it reaches $766. These figures indicate the range within which most property tax bills fall, illustrating the financial impact on homeowners. Factors that influence the tax bill include the property's assessed value and the local tax rate. The median home price in Myra is $53,600, which, when combined with the local tax rate, determines the final tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Myra may find their tax obligations more manageable, although individual circumstances will vary. Understanding these elements helps homeowners anticipate their annual property tax liabilities and budget accordingly.
Average Myra Tax Bill
$519
Average Lincoln County Tax Bill
$343
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Myra, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25544 | $265 | $401 | $519 | $635 | $766 |
Source: Ownwell