Latham, Ohio Property Taxes
The median property tax rate in Latham, OH is 1.14%, slightly higher than the national median of 0.99% but notably lower than Ohio's state median of 1.80%. With the median home value in Latham at $27,370, the typical annual property tax bill is $230, which is significantly below the national median of $2,690. Property taxes in Latham are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Latham'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 Latham or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Latham, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$312
Ownwell’s Latham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Latham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Latham 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 Latham, Ohio
Property taxes in Latham, Ohio, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Latham is 1.14%, higher than the U.S. national median of 0.99%. Local government entities within Latham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Latham 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 Latham's effective property tax rate to other regions in Ohio and the national median. For comparison, the zip code 45646 has the highest median property tax rate of 1.14%, while it also has the lowest median tax rate of 1.14%. Understanding how these areas compare with Latham provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Latham Tax Rate
1.14%
Average Pike County Tax Rate
1.23%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Latham, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45646 | 0.52% | 1.11% | 1.14% | 1.14% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Latham, Ohio
In Latham, 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 Pike 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 Latham, 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. For example, the median home price in Latham is $27,370, with tax bills ranging from $75 at the 25th percentile to $1,417 at the 90th percentile. 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 Latham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Latham Assessed Value
$27,370
Average Pike County Assessed Value
$47,540
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Latham, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45646 | $1,996 | $7,000 | $27,370 | $74,920 | $140,724 |
Source: Ownwell
Property Tax Bills Across Latham, Ohio
In Latham, located in Pike County, OH, property tax bills are calculated based on the assessed value of the home, which is a percentage of the market value. Once the assessed value is determined, local tax rates are applied to calculate the annual property tax bill. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value, thereby affecting the tax bill. For homeowners in Latham, the median home price stands at $27,370, with property tax bills varying significantly. At the 25th percentile, homeowners might pay around $75 annually, while those at the 75th percentile could see bills as high as $696. The 90th percentile tax bill can reach up to $1,417. These figures highlight the range of property tax burdens within the community, demonstrating how tax rates and property values combine to impact homeowners' financial responsibilities. Compared to the national median property tax rate of 0.99%, Latham's property tax rates reflect the specific economic and market conditions of the area.
Average Latham Tax Bill
$230
Average Pike County Tax Bill
$512
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Latham, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45646 | $21 | $75 | $230 | $696 | $1,417 |
Source: Ownwell