Sylvania, Ohio Property Taxes
The median property tax rate in Sylvania, OH is 2.57%, significantly higher than both the national median of 0.99% and the Ohio state median of 1.80%. With a median home value of $200,300 in Sylvania, the typical annual property tax bill reaches $5,019, far exceeding the national median of $2,690. Property taxes in Sylvania are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sylvania'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 Sylvania 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
Sylvania, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$5,148
Ownwell’s Sylvania Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sylvania with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sylvania 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 Sylvania, Ohio
Property taxes in Sylvania, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sylvania is 2.57%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Sylvania set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sylvania 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 Sylvania's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43560 zip code has the highest median property tax rate of 2.57%, while the same 43560 zip code also has the lowest median tax rate of 2.57%. Understanding how these cities compare with Sylvania provides valuable insights into the varying tax landscape across Lucas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sylvania Tax Rate
2.57%
Average Lucas County Tax Rate
2.38%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sylvania, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43560 | 2.15% | 2.52% | 2.57% | 2.64% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Sylvania, Ohio
In Sylvania, 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 Lucas 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. 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 Sylvania helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 43560 has both the highest and lowest median tax bill, with a median value of $5,019.
Average Sylvania Assessed Value
$200,300
Average Lucas County Assessed Value
$95,600
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sylvania, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43560 | $87,400 | $137,200 | $200,300 | $271,200 | $348,600 |
Source: Ownwell
Property Tax Bills Across Sylvania, Ohio
Property tax bills in Sylvania, located in Lucas County, OH, are calculated based on the assessed value of the property, which is determined by local assessors. The assessed value is typically a percentage of the market value of the home. In Sylvania, homeowners can expect a median home price of $200,300. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, tax bills in Sylvania range significantly, with the 25th percentile at $3,355 and the 75th percentile at $6,940. The highest median tax bill in the area is $5,019, which is above the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding these factors can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average Sylvania Tax Bill
$5,019
Average Lucas County Tax Bill
$2,348
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Sylvania, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43560 | $2,079 | $3,355 | $5,019 | $6,940 | $9,203 |
Source: Ownwell