Sumerco, Lincoln County, West Virginia Property Taxes
The median property tax rate in Sumerco, WV is 0.75%, which is lower than the national median of 0.99% but slightly higher than the West Virginia state median of 0.72%. With the median home value in Sumerco at $52,300, the typical annual property tax bill is $391, well below the national median of $2,690. Property taxes in Sumerco 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 Sumerco'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 Sumerco 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
Sumerco, 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
$392
$364
Ownwell’s Sumerco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sumerco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sumerco 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 Sumerco, Lincoln County, West Virginia
Property taxes in Sumerco, 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 Sumerco is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Sumerco set these rates annually, and they can vary across different neighborhoods. Each year, Sumerco 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 Sumerco's effective property tax rate to other areas in Lincoln County and the national median. For comparison, the zip code 25567 in Sumerco has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these numbers compare with Sumerco 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 Sumerco 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 Sumerco, Lincoln County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25567 | 0.30% | 0.63% | 0.75% | 0.75% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Sumerco, Lincoln County, West Virginia
In Sumerco, 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'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. In Sumerco, 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 Sumerco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Sumerco is $52,300. The median tax bill ranges from $248 at the 25th percentile to $1,212 at the 90th percentile. Interestingly, the highest and lowest median tax bills both stand at $391 in zip code 25567.
Property Tax Assessment Values Across Sumerco, Lincoln County, West Virginia
Source: Ownwell
$38,400
$63,200
$88,000
Average Sumerco Assessed Value
$52,300
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 Sumerco, Lincoln County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25567 | $23,150 | $35,950 | $52,300 | $87,750 | $162,600 |
Source: Ownwell
Property Tax Bills Across Sumerco, Lincoln County, West Virginia
In Sumerco, Lincoln County, WV, property tax bills are calculated based on the assessed value of the home, which is a percentage of the market value. Homeowners in Sumerco experience a median property tax rate of 0.75%, which is below the national median of 0.99%. The median home price in Sumerco is $52,300, leading to a median tax bill of approximately $391. Factors such as the home's assessed value, local tax rates, and any applicable exemptions play a significant role in determining the final tax bill. For instance, the tax bill at the 25th percentile is around $248, while at the 75th percentile, it rises to about $676. At the 90th percentile, homeowners could see tax bills as high as $1,212. These property tax bills directly impact homeowners by influencing their annual housing costs, potentially affecting their financial planning and the affordability of homeownership in the region.
Average Sumerco Tax Bill
$391
Average Lincoln County Tax Bill
$343
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Sumerco, Lincoln County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25567 | $93 | $248 | $391 | $676 | $1,212 |
Source: Ownwell