Kelleys Island, Ohio Property Taxes
The median property tax rate in Kelleys Island, OH is 0.94%, slightly below the national median of 0.99% but significantly lower than Ohio's state median of 1.80%. With a median home value of $223,680 in Kelleys Island, the typical annual property tax bill amounts to $2,127, which is below the national median of $2,690. Property taxes here are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Kelleys Island's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Kelleys Island or another part of Erie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kelleys Island, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$2,103
Ownwell’s Kelleys Island Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Kelleys Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kelleys Island to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Kelleys Island, Ohio
Property taxes in Kelleys Island, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kelleys Island is 0.94%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Kelleys Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kelleys Island 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 Kelleys Island's effective property tax rate to other areas in Erie County and the national median. For comparison, the highest and lowest median property tax rate in Erie County is also 0.94%, specifically in the zip code 43438. Understanding how these cities compare with Kelleys Island provides valuable insights into the varying tax landscape across Erie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kelleys Island Tax Rate
0.94%
Average Erie County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kelleys Island, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43438 | 0.92% | 0.94% | 0.94% | 0.94% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Kelleys Island, Ohio
In Kelleys Island, 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 Erie 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 Kelleys Island, 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 Kelleys Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Kelleys Island is $223,680. Interestingly, the zip code with the highest and lowest median tax bill is 43438, both at $2,127. The 25th percentile tax bill is $1,269, while the 75th percentile tax bill is $3,034, and the 90th percentile tax bill is $4,490.
Average Kelleys Island Assessed Value
$223,680
Average Erie County Assessed Value
$126,310
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kelleys Island, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43438 | $38,230 | $129,100 | $223,680 | $324,540 | $475,978 |
Source: Ownwell
Property Tax Bills Across Kelleys Island, Ohio
In Kelleys Island, located in Erie County, OH, property tax bills are calculated based on the assessed value of your home. The county assessor determines this assessed value, which is typically a percentage of your property's market value. Various factors influence this valuation, including the size of the property, its location, and any improvements made to it. Once the assessed value is established, the local tax rate is applied. For Kelleys Island, the median home price is $223,680, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,269, while the 75th percentile reaches up to $3,034, and the 90th percentile can be as high as $4,490. These property taxes contribute to essential public services such as schools, infrastructure, and emergency services. For homeowners, understanding how these taxes are calculated helps in financial planning and ensures they are prepared for their annual tax obligations. Compared to the national median property tax rate of 0.99%, Kelleys Island's tax rates reflect the local economic conditions and public service needs.
Average Kelleys Island Tax Bill
$2,127
Average Erie County Tax Bill
$2,003
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Kelleys Island, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43438 | $384 | $1,269 | $2,127 | $3,034 | $4,490 |
Source: Ownwell