Lafayette, Ohio Property Taxes
The median property tax rate in Lafayette, OH is 1.51%, considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Lafayette at $80,900, the typical annual property tax bill reaches $1,164, which is below the national median of $2,690. Property taxes in Lafayette 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 Lafayette'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 Lafayette 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
Lafayette, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$1,222
Ownwell’s Lafayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lafayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lafayette 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 Lafayette, Ohio
Property taxes in Lafayette, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lafayette is 1.51%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lafayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lafayette 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 Lafayette's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45854 zip code has the highest median property tax rate of 1.51%, while the same zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Lafayette provides valuable insights into the varying tax landscape across Allen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lafayette Tax Rate
1.51%
Average Allen County Tax Rate
1.57%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafayette, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45854 | 1.20% | 1.37% | 1.51% | 1.55% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Lafayette, Ohio
In Lafayette, 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 Allen 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 Lafayette, 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. Lafayette's median home price stands at $80,900, with tax bills ranging from $903 at the 25th percentile to $2,127 at the 90th percentile. The zip code 45854 has both the highest and lowest median tax bill at $1,164. 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 Lafayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lafayette Assessed Value
$80,900
Average Allen County Assessed Value
$103,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lafayette, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45854 | $40,240 | $62,100 | $80,900 | $107,600 | $149,160 |
Source: Ownwell
Property Tax Bills Across Lafayette, Ohio
In Lafayette, Allen County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically represents a percentage of the property's market value. Homeowners in Lafayette can expect their property tax bills to vary significantly, influenced by factors such as the home's location, size, and condition. For instance, the median home price in Lafayette is $80,900, and the median property tax rate in Ohio is 1.57%, higher than the national median of 0.99%. Homeowners in Lafayette might see tax bills ranging from the 25th percentile at $903 to the 75th percentile at $1,557, with the 90th percentile reaching $2,127. This variation underscores the impact of property characteristics and local tax rates on the overall tax burden. Understanding these factors helps homeowners anticipate their potential property tax liabilities and plan their finances accordingly.
Average Lafayette Tax Bill
$1,164
Average Allen County Tax Bill
$1,550
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafayette, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45854 | $592 | $903 | $1,164 | $1,557 | $2,127 |
Source: Ownwell