Tornado, Lincoln County, West Virginia Property Taxes
The median property tax rate in Tornado, WV is 0.75%, slightly higher than the West Virginia state median of 0.72% but still below the national median of 0.99%. With a median home value of $81,600 in Tornado, the typical annual property tax bill amounts to $582, which is significantly lower than the national median of $2,690. Property taxes in Tornado are calculated based on the assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Tornado'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 Tornado 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
Tornado, 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
$612
$568
Ownwell’s Tornado Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tornado with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tornado 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 Tornado, Lincoln County, West Virginia
Property taxes in Tornado, West Virginia, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Tornado is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Tornado set these rates annually, and they can vary across different neighborhoods. Each year, Tornado 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 Tornado's effective property tax rate to other areas in Lincoln County and the national median. For comparison, the zip code 25202 has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Tornado 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 Tornado 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 Tornado, Lincoln County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25202 | 0.49% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Tornado, Lincoln County, West Virginia
In Tornado, 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 Tornado, 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 Tornado helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Tornado is $582.00 in zip code 25202, while the lowest median tax bill is also $582.00 in the same zip code.
Property Tax Assessment Values Across Tornado, Lincoln County, West Virginia
Source: Ownwell
$38,400
$63,200
$88,000
Average Tornado Assessed Value
$81,600
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 Tornado, Lincoln County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25202 | $24,150 | $46,350 | $81,600 | $136,075 | $223,860 |
Source: Ownwell
Property Tax Bills Across Tornado, Lincoln County, West Virginia
In Tornado, WV, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county assessor determines this assessed value, taking into account factors like property size, location, and condition. Homeowners in Tornado face a median tax bill of $582, which is significantly lower than the national median property tax rate of 0.99%. The tax bill can vary widely within the city; for example, the 25th percentile tax bill is $292, while the 75th percentile tax bill reaches $973. At the 90th percentile, homeowners might see tax bills as high as $1681. These variations can significantly impact homeowners, with higher-valued properties incurring more substantial tax burdens. Understanding these factors helps homeowners anticipate their annual tax responsibilities and plan their finances accordingly.
Average Tornado Tax Bill
$582
Average Lincoln County Tax Bill
$343
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Tornado, Lincoln County, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25202 | $153 | $292 | $582 | $973 | $1,681 |
Source: Ownwell