Lansing, West Virginia Property Taxes
The median property tax rate in Lansing, WV is 0.77%, slightly higher than the state median of 0.72% but still below the national median of 0.99%. With a median home value of $58,100, the typical annual property tax bill in Lansing amounts to $447, significantly less than the national median of $2,690. Property taxes in Lansing are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lansing'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 Lansing or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lansing, 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 Lansing Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lansing with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lansing 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 Lansing, West Virginia
Property taxes in Lansing, 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 Lansing is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Lansing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lansing 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 Lansing's effective property tax rate to other areas in Fayette County and the national median. For comparison, the zip code 25862 has both the highest and lowest median property tax rate of 0.77%. Understanding how these areas compare with Lansing provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lansing Tax Rate
0.77%
Average Fayette County Tax Rate
0.77%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lansing, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25862 | 0.29% | 0.77% | 0.77% | 0.80% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Lansing, West Virginia
In Lansing, 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 Lansing, 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. The median home price in Lansing is $58,100, with tax bills ranging from $207 at the 25th percentile to $2,731 at the 90th percentile. The highest and lowest median tax bill in the area is $447, found in zip code 25862. Being aware of these valuation processes in Lansing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lansing Assessed Value
$58,100
Average Fayette County Assessed Value
$52,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lansing, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25862 | $14,920 | $34,700 | $58,100 | $110,250 | $306,220 |
Source: Ownwell
Property Tax Bills Across Lansing, West Virginia
In Lansing, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the property tax rate set by the local government. Several factors influence the assessed value, including the home's market value, location, and any improvements made to the property. For homeowners in Lansing, the median home price is $58,100. Property tax bills can vary significantly, with the 25th percentile tax bill at $207 and the 75th percentile tax bill reaching $1,028. At the higher end, the 90th percentile tax bill can be as much as $2,731. For example, the highest median tax bill in the area is $447, a figure that matches the lowest median tax bill, both found in the same zip code, 25862. These property tax bills can have a substantial impact on homeowners, influencing their overall cost of living and financial planning. Understanding how these factors come together helps homeowners better anticipate their annual property tax obligations.
Average Lansing Tax Bill
$447
Average Fayette County Tax Bill
$424
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Lansing, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25862 | $62 | $207 | $447 | $1,028 | $2,731 |
Source: Ownwell