Vermilion, Ohio Property Taxes
The median property tax rate in Vermilion, OH is 1.81%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Vermilion at $144,235, the typical annual property tax bill reaches $2,408, slightly below the national median of $2,690. Property taxes in Vermilion 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 Vermilion'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 Vermilion 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
Vermilion, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.81%
Estimate Property Tax Bill
$2,611
Ownwell’s Vermilion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vermilion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vermilion 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 Vermilion, Ohio
Property taxes in Vermilion, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vermilion is 1.81%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Vermilion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vermilion 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 Vermilion's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44089 zip code has the highest median property tax rate of 1.81%, while the same zip code also has the lowest median tax rate of 1.81%. Understanding how these cities compare with Vermilion 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 Vermilion Tax Rate
1.81%
Average Lorain County Tax Rate
1.82%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vermilion, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44089 | 1.48% | 1.64% | 1.81% | 1.86% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Vermilion, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Vermilion, OH. 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 Vermilion, 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 Vermilion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2408 in the 44089 zip code, while the lowest is also $2408 in the same zip code.
Average Vermilion Assessed Value
$144,235
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 Vermilion, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44089 | $49,850 | $86,460 | $144,240 | $222,500 | $291,530 |
Source: Ownwell
Property Tax Bills Across Vermilion, Ohio
Property tax bills in Vermilion, located in Lorain County, OH, are calculated based on the assessed value of a property. The local government determines this value, which typically reflects a percentage of the market value. Once the assessed value is established, the tax rate, set by local taxing authorities, is applied to calculate the annual tax bill. For homeowners in Vermilion, the median home price is $144,235. Property tax bills can vary significantly, with the 25th percentile at $1,511 and the 75th percentile at $3,852. The 90th percentile tax bill can reach up to $5,178. These variations are influenced by factors such as property location, improvements, and local tax rates. Compared to the national median property tax rate of 0.99%, Vermilion's rates can be higher, particularly in areas with the highest median tax bill of $2,408 in the 44089 zip code. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Vermilion Tax Bill
$2,408
Average Lorain County Tax Bill
$2,507
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Vermilion, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44089 | $832 | $1,511 | $2,408 | $3,852 | $5,178 |
Source: Ownwell