Lynco, West Virginia Property Taxes
The median property tax rate in Lynco, West Virginia, is 0.68%, which is lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Lynco, the typical annual property tax bill reaches $176, significantly below the national median of $2,690. Property taxes in Lynco are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lynco'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 Lynco 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
Lynco, 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 Lynco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynco 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 Lynco, West Virginia
Property taxes in Lynco, 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 Lynco is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Lynco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynco 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 Lynco's effective property tax rate to other counties in West Virginia and the national median. For comparison, the zip code 24857 has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Lynco provides valuable insights into the varying tax landscape across Wyoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynco Tax Rate
0.68%
Average Wyoming County Tax Rate
0.68%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynco, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24857 | 0.12% | 0.68% | 0.68% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Lynco, West Virginia
In Lynco, 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 Wyoming 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 Lynco, 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 Lynco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Lynco is $176.00 in the zip code 24857, which is significantly lower than the national median property tax rate of 0.99%.
Average Lynco Assessed Value
$29,800
Average Wyoming County Assessed Value
$25,000
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynco, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24857 | $8,740 | $16,800 | $29,800 | $38,850 | $51,560 |
Source: Ownwell
Property Tax Bills Across Lynco, West Virginia
In Lynco, WV, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. Homeowners in Lynco experience property tax rates that can vary, but they generally fall below the national median property tax rate of 0.99%. The median home price in Lynco is $29,800, and tax bills can range significantly. For instance, the 25th percentile tax bill is around $80, while the 75th percentile reaches up to $282. At the 90th percentile, homeowners might see a tax bill of approximately $423. Several factors influence the property tax bill, including the property's assessed value and the local tax rate set by Wyoming County. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. For homeowners, understanding these factors is crucial for financial planning and property investment decisions.
Average Lynco Tax Bill
$176
Average Wyoming County Tax Bill
$190
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynco, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24857 | $34 | $80 | $176 | $282 | $423 |
Source: Ownwell