Fort Loramie, Ohio Property Taxes
The median property tax rate in Fort Loramie, OH is 1.18%, slightly higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Fort Loramie at $348,350, the typical annual property tax bill reaches $4,114, surpassing the national median of $2,690. Property taxes in Fort Loramie 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 Fort Loramie'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 Fort Loramie 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
Fort Loramie, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$4,111
Ownwell’s FORT LORAMIE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FORT LORAMIE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FORT LORAMIE 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 Fort Loramie, Ohio
Property taxes in Fort Loramie, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Loramie is 1.18%, notably higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Fort Loramie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Loramie 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 Fort Loramie's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45845 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Fort Loramie provides valuable insights into the varying tax landscape across Darke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fort Loramie Tax Rate
1.18%
Average Darke County Tax Rate
1.34%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Loramie, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45845 | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Fort Loramie, Ohio
In Fort Loramie, 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 local 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 Fort Loramie, 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. The median home price here is $348,350, with the highest and lowest median tax bills both at $4,114 in zip code 45845. 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 Fort Loramie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fort Loramie Assessed Value
$348,350
Average Darke County Assessed Value
$110,800
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fort Loramie, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45845 | $348,350 | $348,350 | $348,350 | $348,350 | $348,350 |
Source: Ownwell
Property Tax Bills Across Fort Loramie, Ohio
In Fort Loramie, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. Once the assessed value is established, the local property tax rate is applied to calculate the tax bill. Factors such as property location, size, and any applicable exemptions or deductions can influence the assessed value and, consequently, the tax bill. For homeowners in Fort Loramie, the median home price stands at $348,350. With a consistent tax bill of $4,114 across various percentiles, homeowners can expect their property tax rate to be higher than the national median of 0.99%. This higher rate impacts homeowners by increasing their annual expenses, which can influence decisions related to homeownership and property investment. Understanding these factors and how they affect the tax bill is crucial for homeowners to manage their financial planning effectively.
Average Fort Loramie Tax Bill
$4,114
Average Darke County Tax Bill
$1,406
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Loramie, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45845 | $4,114 | $4,114 | $4,114 | $4,114 | $4,114 |
Source: Ownwell