Lakeville, Ohio Property Taxes
The median property tax rate in Lakeville, OH is 1.45%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Lakeville at $94,680, the typical annual property tax bill is $1,410, which is below the national median of $2,690. Property taxes in Lakeville are calculated based on the tax assessed value, often lower than market value due to exemptions such as primary residence and agricultural exemptions. Understanding Lakeville'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 Lakeville or another part of Ashland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lakeville, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$1,373
Ownwell’s Lakeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeville 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 Lakeville, Ohio
Property taxes in Lakeville, Ohio, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeville is 1.45%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Lakeville set these rates annually, and they can vary considerably across different neighborhoods. Each year, Lakeville 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 Lakeville's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44638 zip code has the highest median property tax rate of 1.45%, while the same zip code also has the lowest median tax rate of 1.45%. Understanding how these cities compare with Lakeville provides valuable insights into the varying tax landscape across Ashland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeville Tax Rate
1.45%
Average Ashland County Tax Rate
1.52%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44638 | 1.14% | 1.42% | 1.45% | 1.53% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Lakeville, Ohio
In Lakeville, 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 Ashland 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 Lakeville, 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 Lakeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lakeville is $1,410 in the 44638 zip code.
Average Lakeville Assessed Value
$94,680
Average Ashland County Assessed Value
$108,690
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakeville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44638 | $15,500 | $64,160 | $94,680 | $149,162 | $196,445 |
Source: Ownwell
Property Tax Bills Across Lakeville, Ohio
In Lakeville, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is typically a percentage of the market value of the property. Various factors, including the size of the property, location, and any improvements made, are considered when determining this value. Homeowners in Lakeville can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is approximately $684, while the 75th percentile tax bill rises to around $2,248, and the 90th percentile tax bill can reach up to $2,927. Comparing these figures to the national median property tax rate of 0.99%, it is evident that property taxes in Lakeville can be both lower and higher depending on the specific property. These taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making it essential for homeowners to understand how their tax bill is calculated and what it funds.
Average Lakeville Tax Bill
$1,410
Average Ashland County Tax Bill
$1,522
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44638 | $237 | $684 | $1,410 | $2,248 | $2,927 |
Source: Ownwell