Lost Creek, West Virginia Property Taxes
The median property tax rate in Lost Creek, WV is 0.70%, which is 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 at $97,800, the typical annual property tax bill amounts to $684, significantly below the national median of $2,690. Property taxes in Lost Creek are calculated based on the tax assessed value, which often 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
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$685
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lost Creek is 0.70%, which is lower than both the West Virginia state median and 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 both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Lost Creek provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lost Creek Tax Rate
0.70%
Average Harrison County Tax Rate
0.74%
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 | 0.43% | 0.57% | 0.70% | 0.70% | 1.40% |
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 Harrison 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. 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 zip code 26385 has the highest and lowest median tax bill at $684.
Average Lost Creek Assessed Value
$97,800
Average Harrison County Assessed Value
$76,800
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 | $6,940 | $37,750 | $97,800 | $152,900 | $215,420 |
Source: Ownwell
Property Tax Bills Across Lost Creek, West Virginia
In Lost Creek, WV, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Lost Creek is $97,800. Property tax rates are applied to the assessed value to calculate the tax bill. For example, homeowners in the 25th percentile pay around $325, while those in the 75th percentile see bills closer to $1,072. The highest median tax bill in Harrison County is $684, which is relatively low compared to the national median property tax rate of 0.99%. Several factors influence these tax bills, including the property's location, its assessed value, and local tax rates. For homeowners, understanding these elements is crucial, as property taxes can significantly impact annual expenses. A higher assessed value or an increase in local tax rates can lead to a higher tax bill, affecting household budgets and long-term financial planning. Conversely, lower assessed values or tax rates can provide some financial relief.
Average Lost Creek Tax Bill
$684
Average Harrison County Tax Bill
$688
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 | $134 | $325 | $684 | $1,072 | $1,585 |
Source: Ownwell