Lost City, West Virginia Property Taxes
The median property tax rate in Lost City, WV is 0.46%, significantly 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 City, the typical annual property tax bill reaches $563, well below the national median of $2,690. Property taxes in Lost City 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 City'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 City or another part of Hardy County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lost City, 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 City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lost City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lost City 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 City, West Virginia
Property taxes in Lost City, West Virginia, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lost City is 0.46%, which is lower than the U.S. national median of 0.99%. Local government entities within Lost City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lost City 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 City's effective property tax rate to other counties in West Virginia and the national median. For comparison, the ZIP code 26810 has both the highest and lowest median property tax rate of 0.46%. Understanding how these areas compare with Lost City provides valuable insights into the varying tax landscape across Hardy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lost City Tax Rate
0.46%
Average Hardy County Tax Rate
0.46%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lost City, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26810 | 0.42% | 0.46% | 0.46% | 0.46% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Lost City, West Virginia
In Lost City, 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 Hardy County 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. Assessment notices in Lost City 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 City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 26810 has the highest median tax bill, amounting to $563.
Property Tax Assessment Values Across Lost City, West Virginia
Source: Ownwell
$62,250
$223,375
$384,500
Average Lost City Assessed Value
$119,700
Average Hardy County Assessed Value
$93,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lost City, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26810 | $52,600 | $73,600 | $119,700 | $183,700 | $319,400 |
Source: Ownwell
Property Tax Bills Across Lost City, West Virginia
In Lost City, property tax bills are calculated based on the assessed value of a home, which is determined by the Hardy County tax assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Once the assessed value is established, the local tax rate is applied to determine the annual property tax bill. Several factors influence the tax bill, including the property's size, location, and any improvements or renovations. Homeowners in Lost City can expect a median home price of $119,700, with property tax bills ranging significantly. For instance, the 25th percentile tax bill is around $337, while those in the 75th percentile can see bills up to $953. At the higher end, the 90th percentile tax bill reaches $1,812. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners should be aware of these costs as they can significantly affect their annual expenses and overall financial planning.
Average Lost City Tax Bill
$563
Average Hardy County Tax Bill
$439
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Lost City, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26810 | $238 | $337 | $563 | $953 | $1,812 |
Source: Ownwell