Lerona, West Virginia Property Taxes
The median property tax rate in Lerona, WV is 0.68%, which is lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With a median home value of $89,400 in Lerona, the typical annual property tax bill amounts to $556, significantly below the national median of $2,690. Property taxes in Lerona are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Lerona'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 Lerona or another part of Mercer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lerona, 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 Lerona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lerona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lerona 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 Lerona, West Virginia
Property taxes in Lerona, 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 Lerona is 0.68%, which is lower than both the West Virginia state median and the U.S. national median of 0.99%. Local government entities within Lerona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lerona 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 Lerona's effective property tax rate to other counties in West Virginia and the national median. For comparison, the area with the highest median property tax rate in Mercer County has a rate of 0.68%, while the area with the lowest median tax rate also stands at 0.68%. Understanding how these cities compare with Lerona provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lerona Tax Rate
0.68%
Average Mercer County Tax Rate
0.68%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lerona, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25971 | 0.40% | 0.51% | 0.68% | 0.68% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Lerona, West Virginia
In Lerona, 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 Mercer 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 Lerona, 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 Lerona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Mercer County, the zip code with the highest and lowest median tax bill is 25971, both valued at $556.
Average Lerona Assessed Value
$89,400
Average Mercer County Assessed Value
$60,200
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lerona, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25971 | $17,620 | $49,600 | $89,400 | $132,800 | $197,600 |
Source: Ownwell
Property Tax Bills Across Lerona, West Virginia
In Lerona, property tax bills are calculated based on the assessed value of a property, which is determined by the Mercer County Assessor's office. The assessed value typically reflects a percentage of the property's market value. Homeowners in Lerona can expect their property tax bills to vary significantly depending on the assessed value and the specific tax rate applied. For instance, the median home price in Lerona is $89,400. Property tax bills range widely, with the 25th percentile at $308 and the 75th percentile at $890, indicating considerable variation in tax burdens. At the 90th percentile, homeowners might see tax bills as high as $1,347. The highest median tax bill in the area is $556, which is notably lower than the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing their annual housing costs and potentially affecting their overall financial planning. Understanding these factors is crucial for homeowners to budget effectively and anticipate their yearly property tax obligations.
Average Lerona Tax Bill
$556
Average Mercer County Tax Bill
$442
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Lerona, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25971 | $144 | $308 | $556 | $890 | $1,347 |
Source: Ownwell