Willoughby, Ohio Property Taxes
The median property tax rate in Willoughby, OH is 2.11%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Willoughby at $173,215, the typical annual property tax bill reaches $649, which is significantly lower than the national median of $2,690. Property taxes in Willoughby 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 Willoughby'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 Willoughby 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
Willoughby, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$3,655
Ownwell’s Willoughby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Willoughby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willoughby 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 Willoughby, Ohio
Property taxes in Willoughby, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Willoughby is 2.11%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Willoughby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willoughby 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 Willoughby's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 44094 in Willoughby has the highest median property tax rate of 2.11%, while the same zip code also records the lowest median tax rate of 2.11%. Understanding how these cities compare with Willoughby provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Willoughby Tax Rate
2.11%
Average Lake County Tax Rate
2.03%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Willoughby, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44094 | 0.62% | 1.20% | 2.11% | 2.87% | 6.93% |
Source: Ownwell
Property Tax Assessment Values Across Willoughby, Ohio
In Willoughby, 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 Lake 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 Willoughby, 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 Willoughby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 44094 in Willoughby has both the highest and lowest median tax bill at $649.
Average Willoughby Assessed Value
$173,215
Average Lake County Assessed Value
$154,020
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Willoughby, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44094 | $83,640 | $119,108 | $173,215 | $259,750 | $379,121 |
Source: Ownwell
Property Tax Bills Across Willoughby, Ohio
In Willoughby, property tax bills are calculated based on the assessed value of a home, which is determined by the Lake County Auditor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Willoughby is $173,215, and property taxes can vary significantly depending on the specific characteristics of the property, such as location, size, and improvements. Homeowners in Willoughby can expect their property tax bills to fall within a wide range. For example, those in the 25th percentile face a tax bill of $162, while those in the 75th percentile see a bill of $2,586. At the higher end, homeowners in the 90th percentile may pay up to $5,304 annually. The median tax bill in the area is notably lower than the national median property tax rate of 0.99%, reflecting the relatively moderate property values in the region. Understanding these factors can help homeowners anticipate their annual expenses and plan their finances accordingly.
Average Willoughby Tax Bill
$649
Average Lake County Tax Bill
$1,087
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Willoughby, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44094 | $63 | $162 | $649 | $2,586 | $5,304 |
Source: Ownwell