Latty, Ohio Property Taxes
The median property tax rate in Latty, OH is 1.40%, which is notably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Latty at $39,200, the typical annual property tax bill amounts to $693, which is significantly below the national median of $2,690. Property taxes in Latty are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Latty's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Latty or another part of Paulding County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Latty, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$549
Ownwell’s Latty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Latty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Latty 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 Latty, Ohio
Property taxes in Latty, Ohio, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Latty is 1.40%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Latty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Latty 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 Latty's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 45855 has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these areas compare with Latty provides valuable insights into the varying tax landscape across Paulding County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Latty Tax Rate
1.40%
Average Paulding County Tax Rate
1.21%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Latty, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45855 | 0.99% | 1.36% | 1.40% | 1.48% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Latty, Ohio
In Latty, 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 Paulding 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 Latty, 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 Latty helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Latty is $693 in the 45855 zip code, while the lowest is also $693 in the same zip code.
Average Latty Assessed Value
$39,200
Average Paulding County Assessed Value
$87,500
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Latty, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45855 | $5,930 | $21,675 | $39,200 | $80,750 | $134,130 |
Source: Ownwell
Property Tax Bills Across Latty, Ohio
In Latty, Paulding County, OH, property tax bills are determined through a combination of the assessed value of the property and the local tax rate. The assessed value is calculated based on a percentage of the property's market value, which is then multiplied by the tax rate set by local authorities. For homeowners in Latty, the median home price is $39,200. Property tax bills can vary significantly, with the 25th percentile at $335 and the 75th percentile reaching $1,094. At the 90th percentile, homeowners might see tax bills as high as $1,903. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Latty presents a diverse range of tax bills, reflecting its unique economic and property landscape. For homeowners, understanding these factors is crucial for financial planning and anticipating future tax obligations.
Average Latty Tax Bill
$693
Average Paulding County Tax Bill
$1,158
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Latty, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45855 | $105 | $335 | $693 | $1,094 | $1,903 |
Source: Ownwell