Midkiff, Lincoln County, West Virginia Property Taxes
The median property tax rate in Midkiff, WV is 0.75%, slightly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Midkiff at $44,000, the typical annual property tax bill is $315, which is significantly below the national median of $2,690. Property taxes in Midkiff are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Midkiff'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 Midkiff or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Midkiff, Lincoln County, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$330
$306
Ownwell’s Midkiff Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midkiff with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midkiff 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 Midkiff, Lincoln County, West Virginia
Property taxes in Midkiff, West Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midkiff stands at 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Midkiff set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midkiff 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. Understanding how these cities compare with Midkiff provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midkiff Tax Rate
0.75%
Average Lincoln County Tax Rate
0.75%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midkiff, Lincoln County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25540 | 0.28% | 0.62% | 0.75% | 0.75% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Midkiff, Lincoln County, West Virginia
In Midkiff, 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 Lincoln 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 Midkiff, 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. For instance, the highest median tax bill in the area is $315 in the 25540 zip code, while the lowest median tax bill is also $315 in the same zip code. 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 Midkiff helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Midkiff, Lincoln County, West Virginia
Source: Ownwell
$38,400
$63,200
$88,000
Average Midkiff Assessed Value
$44,000
Average Lincoln County Assessed Value
$50,800
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midkiff, Lincoln County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25540 | $19,280 | $28,900 | $44,000 | $65,600 | $103,080 |
Source: Ownwell
Property Tax Bills Across Midkiff, Lincoln County, West Virginia
In Midkiff, Lincoln County, WV, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the property's market value. For instance, with a median home price of $44,000, the assessed value plays a crucial role in determining the tax bill. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Factors such as property size, location, and any improvements made to the property can influence the assessed value. Homeowners in Midkiff can expect tax bills to vary significantly. For example, the 25th percentile tax bill is around $167, while the 75th percentile reaches $550, and the 90th percentile can go up to $840. These property taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the community. Although the highest and lowest median tax bills in the region are both $315, they are considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can be a financial relief for homeowners in Midkiff.
Average Midkiff Tax Bill
$315
Average Lincoln County Tax Bill
$343
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Midkiff, Lincoln County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25540 | $70 | $167 | $315 | $550 | $840 |
Source: Ownwell