New Lyme, Ohio Property Taxes
The median property tax rate in New Lyme, OH is 1.60%, which is notably higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With the median home value in New Lyme at $78,100, the typical annual property tax bill amounts to $1,253, falling below the national median of $2,690. Property taxes in New Lyme are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding New Lyme'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 New Lyme or another part of Ashtabula County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Lyme, 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 New Lyme Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Lyme with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Lyme 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 New Lyme, Ohio
Property taxes in New Lyme, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Lyme is 1.60%, significantly higher than the U.S. national median of 0.99%. Local government entities within New Lyme set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Lyme 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 New Lyme's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44066 zip code has the highest median property tax rate of 1.60%, while the 44066 zip code also has the lowest median tax rate of 1.60%. Understanding how these cities compare with New Lyme provides valuable insights into the varying tax landscape across Ashtabula County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Lyme Tax Rate
1.60%
Average Ashtabula County Tax Rate
1.74%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Lyme, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44066 | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across New Lyme, Ohio
In New Lyme, 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 Ashtabula 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 New Lyme, 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 New Lyme helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in New Lyme is $78,100, with the highest and lowest median tax bills both being $1,253 in the 44066 zip code.
Average New Lyme Assessed Value
$78,100
Average Ashtabula County Assessed Value
$74,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Lyme, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44066 | $78,100 | $78,100 | $78,100 | $78,100 | $78,100 |
Source: Ownwell
Property Tax Bills Across New Lyme, Ohio
In New Lyme, located in Ashtabula County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county's tax rate is then applied to this assessed value to determine the annual property tax bill. For homeowners in New Lyme, the median home price stands at $78,100. The property tax bills in this area are notably consistent, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $1,253. This uniformity suggests a stable tax rate across different property values. The property tax rate in New Lyme is higher than the national median property tax rate of 0.99%. This higher rate can significantly impact homeowners, as it means a larger portion of their home’s value is paid in taxes each year. Understanding these factors is crucial for homeowners as they budget for annual expenses and consider the long-term financial implications of owning property in this region.
Average New Lyme Tax Bill
$1,253
Average Ashtabula County Tax Bill
$1,299
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across New Lyme, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44066 | $1,253 | $1,253 | $1,253 | $1,253 | $1,253 |
Source: Ownwell