Silver Lake, Ohio Property Taxes
The median property tax rate in Silver Lake, OH is 1.93%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Silver Lake at $267,530, the typical annual property tax bill reaches $5,168, exceeding the national median of $2,690. Property taxes in Silver Lake 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 Silver Lake'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 Silver Lake 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
Silver Lake, 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 Silver Lake Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Silver Lake with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Lake to provide an estimate of your property tax bill. This intuitive tool offers a clear understanding of potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the figure assigned by Summit County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Silver Lake, Ohio
Property taxes in Silver Lake, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Lake is 1.93%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Silver Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Lake 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 Silver Lake's effective property tax rate to other areas in Ohio and the national median. For comparison, the 44224 zip code has the highest median property tax rate of 1.93%, while the same zip code also has the lowest median tax rate of 1.93%. Understanding how these cities compare with Silver Lake provides valuable insights into the varying tax landscape across Summit County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silver Lake Tax Rate
1.93%
Average Summit County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver Lake, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44224 | 1.71% | 1.91% | 1.93% | 2.01% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Silver Lake, Ohio
In Silver Lake, 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 Summit 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 Silver Lake, 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 Silver Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Silver Lake is $5,168 in the 44224 zip code, while the lowest median tax bill is also $5,168 in the same zip code.
Average Silver Lake Assessed Value
$267,530
Average Summit County Assessed Value
$168,880
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silver Lake, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44224 | $199,230 | $228,155 | $267,530 | $317,200 | $443,854 |
Source: Ownwell
Property Tax Bills Across Silver Lake, Ohio
In Silver Lake, Summit County, OH, property tax bills are determined based on the assessed value of a home. This assessed value is typically a percentage of the property's market value, which for Silver Lake has a median home price of $267,530. Local tax rates are then applied to this assessed value to calculate the tax bill. Several factors influence the final tax bill, including the home's location, its assessed value, and any applicable exemptions. For instance, the tax bill for homes in the 25th percentile is around $4,330, while those in the 75th percentile pay about $6,168, and properties in the 90th percentile see bills as high as $8,636. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting homeowners. Compared to the national median property tax rate of 0.99%, homeowners in Silver Lake may find their tax bills higher, reflecting the local government's funding needs and property values in the area.
Average Silver Lake Tax Bill
$5,168
Average Summit County Tax Bill
$2,683
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Lake, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44224 | $3,779 | $4,330 | $5,168 | $6,168 | $8,636 |
Source: Ownwell