Wakeman, Ohio Property Taxes
The median property tax rate in Wakeman, OH is 1.65%, which is significantly higher than both the national median of 0.99% and Ohio's state median of 1.80%. With a median home value of $216,800 in Wakeman, the typical annual property tax bill reaches $3,512, surpassing the national median of $2,690. Property taxes in Wakeman are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wakeman'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 Wakeman 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
Wakeman, 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 Wakeman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wakeman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wakeman 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 Wakeman, Ohio
Property taxes in Wakeman, Ohio, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Wakeman is 1.65%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Wakeman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wakeman 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 Wakeman's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44889 zip code has the highest median property tax rate of 1.65%, while the same zip code also has the lowest median tax rate of 1.65%. Understanding how these cities compare with Wakeman 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 Wakeman Tax Rate
1.65%
Average Lorain County Tax Rate
1.82%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wakeman, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44889 | 1.47% | 1.64% | 1.65% | 1.67% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Wakeman, Ohio
In Wakeman, 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 Wakeman, 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 Wakeman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Wakeman are both $3,512, found in the 44889 zip code.
Average Wakeman Assessed Value
$216,800
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 Wakeman, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44889 | $108,172 | $152,988 | $216,800 | $277,972 | $329,262 |
Source: Ownwell
Property Tax Bills Across Wakeman, Ohio
In Wakeman, located in Lorain County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Wakeman is $216,800. Property taxes are influenced by local tax rates and levies, which fund essential services such as schools, infrastructure, and emergency services. For homeowners in Wakeman, the tax bill varies significantly. The 25th percentile tax bill stands at $2,400, while the 75th percentile reaches $4,540. At the 90th percentile, homeowners can expect to pay up to $5,431 annually. This range indicates the variability in property taxes due to differences in property values and specific levy rates applied in different areas of the city. Comparatively, Wakeman's property tax rates can be higher than the national median property tax rate of 0.99%. Homeowners must consider these taxes as a significant part of their annual expenses, impacting their overall cost of living and financial planning.
Average Wakeman Tax Bill
$3,512
Average Lorain County Tax Bill
$2,507
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Wakeman, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44889 | $1,777 | $2,400 | $3,512 | $4,540 | $5,431 |
Source: Ownwell