Lashmeet, West Virginia Property Taxes
The median property tax rate in Lashmeet, WV is 0.68%, which is lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $48,700, the typical annual property tax bill in Lashmeet reaches $268, significantly below the national median of $2,690. Property taxes in Lashmeet are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lashmeet'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 Lashmeet or another part of Mercer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lashmeet, 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 Lashmeet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lashmeet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lashmeet 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 Lashmeet, West Virginia
Property taxes in Lashmeet, West Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lashmeet is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Lashmeet set these rates annually, and they can vary across different neighborhoods. Each year, Lashmeet 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. For comparison, the zip code 24733 has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these figures compare with Lashmeet provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lashmeet Tax Rate
0.68%
Average Mercer County Tax Rate
0.68%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lashmeet, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24733 | 0.23% | 0.46% | 0.68% | 0.68% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Lashmeet, West Virginia
In Lashmeet, 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 Mercer 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 Lashmeet, 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 Lashmeet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lashmeet is $48,700, with tax bills ranging from $98 at the 25th percentile to $762 at the 90th percentile.
Average Lashmeet Assessed Value
$48,700
Average Mercer County Assessed Value
$60,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lashmeet, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24733 | $3,580 | $17,400 | $48,700 | $83,450 | $109,760 |
Source: Ownwell
Property Tax Bills Across Lashmeet, West Virginia
In Lashmeet, property tax bills are calculated based on the assessed value of a home, which is determined by the Mercer County Assessor’s office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate, known as the mill rate, is applied. For Lashmeet, the median home price stands at $48,700. Homeowners in Lashmeet can expect varying tax bills depending on the specific value of their property. For instance, the 25th percentile tax bill is around $98, while those in the 75th percentile pay approximately $526. At the higher end, the 90th percentile tax bill reaches up to $762. The highest median tax bill in the region is $268, recorded in the 24733 zip code. Comparing these figures to the national median property tax rate of 0.99%, Lashmeet residents generally experience lower property tax bills. These taxes play a crucial role in funding local services, including schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Lashmeet Tax Bill
$268
Average Mercer County Tax Bill
$442
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Lashmeet, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24733 | $44 | $98 | $268 | $526 | $762 |
Source: Ownwell