Lost Creek, West Virginia Property Taxes
The median property tax rate in Lost Creek, 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 Lost Creek, the typical annual property tax bill reaches $455, significantly below the national median of $2,690. Property taxes in Lost Creek 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 Lost Creek'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 Lost Creek 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
Lost Creek, 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 Lost Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lost Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lost Creek 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 Lost Creek, West Virginia
Property taxes in Lost Creek, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lost Creek is 0.53%, significantly lower than the U.S. national median of 0.99%. Local government entities within Lost Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lost Creek 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 Lost Creek's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26385 zip code 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 areas compare with Lost Creek provides valuable insights into the varying tax landscape across Upshur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lost Creek Tax Rate
0.53%
Average Upshur County Tax Rate
0.53%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lost Creek, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26385 | 0.39% | 0.44% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Lost Creek, West Virginia
In Lost Creek, 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 Upshur 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 Lost Creek, 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 Lost Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $455, occurring in the 26385 zip code.
Property Tax Assessment Values Across Lost Creek, West Virginia
Source: Ownwell
$31,200
$67,850
$104,500
Average Lost Creek Assessed Value
$104,500
Average Upshur County Assessed Value
$85,400
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lost Creek, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26385 | $37,240 | $80,700 | $104,500 | $125,550 | $130,620 |
Source: Ownwell
Property Tax Bills Across Lost Creek, West Virginia
In Lost Creek, WV, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the home's market value. For instance, with a median home price of $104,500, the assessed value might be a fraction of this amount, which is then multiplied by the local tax rate to determine the tax bill. Factors influencing the tax bill include the home's location, size, and any applicable exemptions. In Lost Creek, homeowners face tax bills ranging from $318 at the 25th percentile to $620 at the 90th percentile. For context, the national median property tax rate is 0.99%, highlighting how Lost Creek's rates compare to broader trends. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners should be aware of these factors to manage their financial planning effectively.
Average Lost Creek Tax Bill
$455
Average Upshur County Tax Bill
$463
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Lost Creek, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26385 | $170 | $318 | $455 | $546 | $620 |
Source: Ownwell