Lumberport, West Virginia Property Taxes
The median property tax rate in Lumberport, WV is 0.70%, slightly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $56,650 in Lumberport, the typical annual property tax bill amounts to $456, significantly below the national median of $2,690. Property taxes in Lumberport 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 Lumberport's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lumberport 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
Lumberport, 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 Lumberport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lumberport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lumberport 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 Lumberport, West Virginia
Property taxes in Lumberport, 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 Lumberport is 0.54%, which is lower than both the West Virginia state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Lumberport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lumberport 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 Lumberport's effective property tax rate to other counties in West Virginia and the national median. For comparison, the highest median property tax rate in Harrison County is 0.54%, while the lowest median tax rate is also 0.54%. Understanding how these cities compare with Lumberport 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 Lumberport 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 Lumberport, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26386 | 0.35% | 0.56% | 0.70% | 0.85% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Lumberport, West Virginia
In Lumberport, 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 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 Lumberport, 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 Lumberport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 26386, with a value of $456.
Average Lumberport Assessed Value
$56,650
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 Lumberport, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26386 | $7,850 | $25,450 | $56,650 | $93,575 | $137,900 |
Source: Ownwell
Property Tax Bills Across Lumberport, West Virginia
In Lumberport, Harrison County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. Homeowners in Lumberport can expect their tax bill to vary significantly depending on where their property falls within the assessed value spectrum. For example, the tax bill at the 25th percentile is $225, while at the 75th percentile, it rises to $734. At the 90th percentile, homeowners might see a tax bill as high as $1076. Several factors influence these variations, including property size, location, and any improvements made to the home. Compared to the national median property tax rate of 0.99%, Lumberport's property tax scenario offers a range of financial impacts on homeowners. Understanding these factors can help homeowners anticipate their annual tax obligations, ensuring they can budget accordingly and avoid any surprises.
Average Lumberport Tax Bill
$456
Average Harrison County Tax Bill
$688
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Lumberport, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26386 | $92 | $225 | $456 | $734 | $1,076 |
Source: Ownwell