Lakeville, Ohio Property Taxes
The median property tax rate in Lakeville, OH is 1.87%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Lakeville, the typical annual property tax bill reaches $2,453, slightly below the national median of $2,690. Property taxes in Lakeville 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 Lakeville'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 Lakeville 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
Lakeville, 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 Lakeville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lakeville with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lakeville to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in more detailed trends at the neighborhood level, simply scroll down to access localized information. Your property’s assessed value is determined by Wayne County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Lakeville, Ohio
Property taxes in Lakeville, Ohio, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeville is 1.87%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Lakeville set these rates annually, and they can vary across different neighborhoods. Each year, Lakeville 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 Lakeville's effective property tax rate to other counties in Ohio and the national median. For comparison, the ZIP code 44638 has both the highest and lowest median property tax rate of 1.87%. Understanding how these areas compare with Lakeville provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeville Tax Rate
1.87%
Average Wayne County Tax Rate
1.80%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44638 | 0.63% | 1.14% | 1.87% | 1.91% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Lakeville, Ohio
In Lakeville, 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 Wayne 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 Lakeville, 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 Lakeville is $173,430, with tax bills ranging from $1,790 at the 25th percentile to $5,488 at the 90th percentile. The highest and lowest median tax bills are both $2,453 in the 44638 zip code. By understanding 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 Lakeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lakeville Assessed Value
$173,430
Average Wayne County Assessed Value
$144,025
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakeville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44638 | $48,030 | $103,895 | $173,430 | $291,375 | $585,610 |
Source: Ownwell
Property Tax Bills Across Lakeville, Ohio
In Lakeville, Wayne County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's location, size, and any improvements or renovations can affect the assessed value. For homeowners in Lakeville, the median home price is $173,430, leading to varying tax bills. For example, the 25th percentile of tax bills is around $1,790, while the 75th percentile reaches $3,836. At the higher end, the 90th percentile of tax bills can go up to $5,488. These figures highlight the significant range in property tax obligations within the area. Compared to the national median property tax rate of 0.99%, homeowners in Lakeville may find their tax bills to be relatively high, potentially impacting their overall financial planning and homeownership costs.
Average Lakeville Tax Bill
$2,453
Average Wayne County Tax Bill
$2,548
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44638 | $872 | $1,790 | $2,453 | $3,836 | $5,488 |
Source: Ownwell