Oberlin, Ohio Property Taxes
The median property tax rate in Oberlin, OH is 1.82%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Oberlin, the typical annual property tax bill reaches $2,701, slightly exceeding the national median of $2,690. Property taxes in Oberlin 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 Oberlin'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 Oberlin or another part of Lorain County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oberlin, 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 Oberlin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oberlin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oberlin 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 Lorain County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Oberlin, Ohio
Property taxes in Oberlin, Ohio, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Oberlin stands at 1.82%, which is significantly higher than the U.S. national median of 0.99%. Local government entities in Oberlin set these rates annually, and they can vary across different neighborhoods. Each year, Oberlin 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. For comparison, the 44074 zip code in Oberlin has the highest and lowest median property tax rate of 1.82%. Understanding how these figures compare with Oberlin provides valuable insights into the varying tax landscape across Lorain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oberlin Tax Rate
1.82%
Average Lorain County Tax Rate
1.82%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oberlin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44074 | 1.51% | 1.66% | 1.82% | 1.89% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Oberlin, Ohio
In Oberlin, 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 Lorain 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 Oberlin, 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 Oberlin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Oberlin is $154,970, with tax bills ranging from $1,899 at the 25th percentile to $5,065 at the 90th percentile. The zip code 44074 has both the highest and lowest median tax bill at $2,704.
Average Oberlin Assessed Value
$154,970
Average Lorain County Assessed Value
$141,300
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oberlin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44074 | $71,642 | $109,560 | $155,320 | $219,540 | $292,370 |
Source: Ownwell
Property Tax Bills Across Oberlin, Ohio
In Oberlin, Lorain County, OH, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is typically a percentage of the property’s market value. Homeowners in Oberlin can expect their property tax bills to vary significantly based on the value of their homes and the specific tax rates applied by local taxing authorities. For instance, the median home price in Oberlin is $154,970. The tax bill for homeowners at the 25th percentile is around $1,899, while those at the 75th percentile face a bill of approximately $3,826. At the 90th percentile, the tax bill can be as high as $5,065. The median tax bill in Oberlin stands at $2,704, which is notably higher than the national median property tax rate of 0.99%. These taxes fund essential services such as schools, public safety, and infrastructure, making them a crucial component of community well-being.
Average Oberlin Tax Bill
$2,701
Average Lorain County Tax Bill
$2,507
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Oberlin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44074 | $1,268 | $1,900 | $2,704 | $3,826 | $5,065 |
Source: Ownwell