Latham, Ohio Property Taxes
The median property tax rate in Latham, OH is 1.59%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Latham at $199,500, the typical annual property tax bill reaches $3,170, exceeding the national median of $2,690. Property taxes in Latham 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 Latham'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 Latham 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
Latham, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Latham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Latham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Latham 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 Latham, Ohio
Property taxes in Latham, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Latham is 1.59%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Latham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Latham 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 Latham's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45646 zip code has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these cities compare with Latham provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Latham Tax Rate
1.59%
Average Adams County Tax Rate
1.44%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Latham, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45646 | 1.59% | 1.59% | 1.59% | 1.59% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Latham, Ohio
In Latham, Ohio, 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 Adams County Appraisal District 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 Latham, 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 Latham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both found in the 45646 zip code, with a value of $3,170.
Average Latham Assessed Value
$199,500
Average Adams County Assessed Value
$61,700
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Latham, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45646 | $199,500 | $199,500 | $199,500 | $199,500 | $199,500 |
Source: Ownwell
Property Tax Bills Across Latham, Ohio
In Latham, Ohio, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. This assessed value is a percentage of the market value of your property. The tax rate is then applied to this assessed value to calculate your property tax bill. For homeowners in Latham, the median home price is $199,500, and the median property tax bill is approximately $3,170. This tax rate is significantly higher than the national median property tax rate of 0.99%, indicating a substantial property tax burden for Latham homeowners. Several factors influence the tax bill, including the property's location, size, and market conditions. Local government budgets and funding requirements for public services like schools and infrastructure also play a critical role. High property taxes can affect homeowners by increasing the overall cost of owning a home, potentially impacting affordability and long-term financial planning. Understanding these factors is crucial for homeowners to manage their expenses and plan for future tax liabilities.
Average Latham Tax Bill
$3,170
Average Adams County Tax Bill
$833
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Latham, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45646 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 |
Source: Ownwell