North Lima, Ohio Property Taxes
The median property tax rate in North Lima, OH is 1.96%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in North Lima at $149,515, the typical annual property tax bill reaches $2,771, slightly exceeding the national median of $2,690. Property taxes in North Lima 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 North Lima'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 North Lima or another part of Mahoning County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North Lima, 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 North Lima Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Lima with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Lima 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 North Lima, Ohio
Property taxes in North Lima, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Lima is 1.96%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within North Lima set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Lima 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 North Lima's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44452 zip code has the highest median property tax rate of 1.96%, while the same zip code also has the lowest median tax rate of 1.96%. Understanding how these cities compare with North Lima provides valuable insights into the varying tax landscape across Mahoning County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Lima Tax Rate
1.96%
Average Mahoning County Tax Rate
1.98%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Lima, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44452 | 1.56% | 1.96% | 1.96% | 2.01% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across North Lima, Ohio
In North Lima, 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 Mahoning 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 North Lima, 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 North Lima 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 $2,771 in the 44452 zip code, which also has the lowest median tax bill at $2,771.
Average North Lima Assessed Value
$149,515
Average Mahoning County Assessed Value
$80,890
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Lima, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44452 | $54,650 | $87,875 | $149,515 | $264,788 | $357,415 |
Source: Ownwell
Property Tax Bills Across North Lima, Ohio
In North Lima, Mahoning County, OH, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in North Lima is $149,515. Property taxes are then determined by applying the local tax rate to this assessed value. Factors such as property location, improvements, and local government budgets also play a role in determining the final tax bill. For homeowners in North Lima, the property tax bill can vary significantly. The 25th percentile tax bill is $1,645, while the 75th percentile reaches up to $5,119. For those in the 90th percentile, the tax bill can be as high as $6,979. The highest median tax bill in the area is $2,771, which is applicable to the zip code 44452. Given the national median property tax rate of 0.99%, these figures suggest that homeowners in North Lima may experience a wide range of tax obligations, impacting their financial planning and homeownership costs.
Average North Lima Tax Bill
$2,771
Average Mahoning County Tax Bill
$1,534
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across North Lima, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44452 | $982 | $1,645 | $2,771 | $5,119 | $6,979 |
Source: Ownwell