Lakewood, Ohio Property Taxes
The median property tax rate in Lakewood, OH is 2.03%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Lakewood, the typical annual property tax bill reaches $3,799, exceeding the national median of $2,690. Property taxes in Lakewood 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 Lakewood'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 Lakewood 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
Lakewood, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.03%
Estimate Property Tax Bill
$3,808
Ownwell’s Lakewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakewood 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 Lakewood, Ohio
Property taxes in Lakewood, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakewood is 2.03%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lakewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakewood 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 Lakewood's effective property tax rate to other areas and the national median. For comparison, the 44107 zip code has the highest median property tax rate of 2.03%, while the same 44107 zip code also has the lowest median tax rate of 2.03%. Understanding how these figures compare with Lakewood provides valuable insights into the varying tax landscape across Wood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakewood Tax Rate
2.03%
Average Wood County Tax Rate
1.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakewood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44107 | 2.03% | 2.03% | 2.03% | 2.03% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Lakewood, Ohio
In Lakewood, 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 Wood 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 Lakewood, 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 instance, the zip code 44107 has the highest and lowest median tax bill at $3,799. 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 Lakewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lakewood Assessed Value
$187,600
Average Wood County Assessed Value
$163,900
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakewood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44107 | $187,600 | $187,600 | $187,600 | $187,600 | $187,600 |
Source: Ownwell
Property Tax Bills Across Lakewood, Ohio
In Lakewood, Wood County, OH, property tax bills are calculated based on the assessed value of a home, which is then multiplied by the local tax rate. The assessed value is typically a percentage of the property's market value, determined by the county assessor. Factors such as property location, size, and improvements can influence this assessment. For instance, the median home price in Lakewood is $187,600, and homeowners in the area can expect a median tax bill of $3,799. This tax rate is significantly higher than the national median property tax rate of 0.99%, impacting homeowners by increasing their annual expenses. This higher tax bill supports local services like schools, public safety, and infrastructure, which can enhance the community's overall quality of life. However, it also means that homeowners must budget accordingly to manage these costs. Understanding how these factors interplay can help homeowners make informed decisions about property investments and financial planning.
Average Lakewood Tax Bill
$3,799
Average Wood County Tax Bill
$2,615
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakewood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44107 | $3,799 | $3,799 | $3,799 | $3,799 | $3,799 |
Source: Ownwell