Lake, West Virginia Property Taxes
The median property tax rate in LAKE, WV is 0.75%, slightly higher than the West Virginia state median of 0.72% but lower than the national median of 0.99%. With the median home value in LAKE at $47,250, the typical annual property tax bill amounts to $289, which is significantly below the national median of $2,690. Property taxes in LAKE are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding LAKE'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 LAKE or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$354
Ownwell’s Lake Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake 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 Lake, West Virginia
Property taxes in Lake, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake is 0.75%, lower than the U.S. national median of 0.99%. Local government entities within Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake 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 Lake's effective property tax rate to other areas in West Virginia and the national median. For comparison, the zip code 25121 has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Lake 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 Lake 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 Lake, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25121 | 0.25% | 0.41% | 0.75% | 0.75% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Lake, West Virginia
In Lake, 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 local 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 Lake, 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 Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Logan County, the highest and lowest median tax bills are both $289.00, found in the 25121 zip code.
Average Lake Assessed Value
$47,250
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 Lake, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25121 | $14,750 | $25,975 | $47,250 | $74,150 | $97,850 |
Source: Ownwell
Property Tax Bills Across Lake, West Virginia
In Lake, Logan County, WV, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor's office. The assessed value is a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or abatements. For instance, the median home price in Lake is $47,250. Property tax bills vary significantly, with the 25th percentile at $163, the 75th percentile at $472, and the 90th percentile reaching $746. These property taxes can significantly impact homeowners, affecting their overall housing costs and potentially influencing their decisions about buying or selling property. Compared to the national median property tax rate of 0.99%, Lake's property tax rates offer a relatively affordable option for homeowners, making it a potentially attractive location for those looking to manage their housing expenses.
Average Lake Tax Bill
$289
Average Logan County Tax Bill
$306
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25121 | $81 | $163 | $289 | $472 | $746 |
Source: Ownwell