East Lynn, West Virginia Property Taxes
The median property tax rate in East Lynn, WV is 0.74%, slightly higher than the state median of 0.72% but below the national median of 0.99%. With the median home value in East Lynn at $30,250, the typical annual property tax bill is $193, which is significantly lower than the national median of $2,690. Property taxes in East Lynn are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding East Lynn'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 East Lynn or another part of Wayne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
East Lynn, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$224
Ownwell’s East Lynn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in East Lynn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in East Lynn 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 East Lynn, West Virginia
Property taxes in East Lynn, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Lynn is 0.74%, lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within East Lynn set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Lynn 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 East Lynn's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 25512 has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with East Lynn provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average East Lynn Tax Rate
0.74%
Average Wayne County Tax Rate
0.74%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Lynn, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25512 | 0.20% | 0.74% | 0.74% | 0.74% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across East Lynn, West Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in East Lynn, West Virginia. 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 Wayne 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 East Lynn, 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 East Lynn is $30,250, with tax bills ranging from $90 at the 25th percentile to $576 at the 90th percentile. Being aware of these valuation processes can help identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average East Lynn Assessed Value
$30,250
Average Wayne County Assessed Value
$57,100
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across East Lynn, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25512 | $1,960 | $12,750 | $30,250 | $50,275 | $77,370 |
Source: Ownwell
Property Tax Bills Across East Lynn, West Virginia
In East Lynn, Wayne County, WV, property tax bills are determined based on the assessed value of the property, which is a percentage of the market value. The local property tax rate is then applied to this assessed value to calculate the annual tax bill. Various factors influence the assessed value, including property size, location, and condition. Homeowners in East Lynn experience a range of property tax bills. For instance, the 25th percentile tax bill is $90, while the 75th percentile reaches $357. At the 90th percentile, homeowners might pay up to $576 annually. These figures highlight the variability in tax bills depending on property values and specific assessments. Compared to the national median property tax rate of 0.99%, East Lynn's property tax rates can be relatively manageable. However, the impact on homeowners can vary significantly, influencing their financial planning and overall cost of homeownership. Understanding these factors is crucial for residents to anticipate their property tax obligations accurately.
Average East Lynn Tax Bill
$193
Average Wayne County Tax Bill
$426
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across East Lynn, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25512 | $50 | $90 | $193 | $357 | $576 |
Source: Ownwell