Lancaster, Ohio Property Taxes
The median property tax rate in Lancaster, OH is 1.28%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $164,630, the typical annual property tax bill in Lancaster reaches $1,995, falling below the national median of $2,690. Property taxes in Lancaster are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lancaster'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 Lancaster 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
Lancaster, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$2,107
Ownwell’s Lancaster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lancaster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lancaster 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 Lancaster, Ohio
Property taxes in Lancaster, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lancaster is 1.28%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Lancaster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lancaster 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 Lancaster's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43130 zip code has the highest median property tax rate of 1.28%, while the same 43130 zip code also has the lowest median tax rate of 1.28%. Understanding how these areas compare with Lancaster provides valuable insights into the varying tax landscape across Fairfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lancaster Tax Rate
1.28%
Average Fairfield County Tax Rate
1.37%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lancaster, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43130 | 1.02% | 1.20% | 1.28% | 1.32% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Lancaster, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lancaster, Ohio. 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 Fairfield 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 Lancaster, 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 Lancaster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 43130 has both the highest and lowest median tax bills at $1,995, reflecting the median home price of $164,630 in the area.
Average Lancaster Assessed Value
$164,630
Average Fairfield County Assessed Value
$224,580
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lancaster, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43130 | $66,824 | $113,855 | $164,630 | $232,030 | $309,042 |
Source: Ownwell
Property Tax Bills Across Lancaster, Ohio
In Lancaster, Fairfield County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the median home price in Lancaster is $164,630. Homeowners can expect property tax bills to vary significantly, with the 25th percentile at $1,352 and the 75th percentile reaching $2,925. The 90th percentile can see bills as high as $4,055. The highest and lowest median tax bills in the area are both $1,995, indicating a consistent tax environment. Compared to the national median property tax rate of 0.99%, Lancaster's rates reflect the local economic conditions and funding needs. These property taxes directly impact homeowners by influencing their overall housing costs and the value they receive from community services funded by these taxes.
Average Lancaster Tax Bill
$1,995
Average Fairfield County Tax Bill
$2,962
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lancaster, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43130 | $776 | $1,352 | $1,995 | $2,925 | $4,055 |
Source: Ownwell