Lakeville, Ohio Property Taxes
The median property tax rate in Lakeville, OH is 1.41%, notably higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With a median home value of $141,200 in Lakeville, the typical annual property tax bill amounts to $1,900, which is below the national median of $2,690. Property taxes in Lakeville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. 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 Holmes County, comprehending 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
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$1,991
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 understand potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lakeville, Ohio
Property taxes in Lakeville, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeville is 1.41%, 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 significantly 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 44638 zip code has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Lakeville provides valuable insights into the varying tax landscape across Holmes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeville Tax Rate
1.41%
Average Holmes County Tax Rate
1.25%
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 | 0.85% | 1.24% | 1.41% | 1.44% | 1.50% |
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 Holmes 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. The median home price in Lakeville is $141,200, with tax bills ranging from $825 at the 25th percentile to $4,455 at the 90th percentile. The highest and lowest median tax bills are both $1,900, found in zip code 44638. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Lakeville Assessed Value
$141,200
Average Holmes County Assessed Value
$211,100
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 | $12,288 | $55,335 | $141,200 | $259,015 | $390,624 |
Source: Ownwell
Property Tax Bills Across Lakeville, Ohio
In Lakeville, Holmes County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Lakeville is $141,200. To determine the tax bill, local tax rates are applied to this assessed value. The assessed value is influenced by various factors, including property size, location, and improvements. Homeowners in Lakeville can expect property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $825, while at the 75th percentile, it rises to $3182. The 90th percentile tax bill can go as high as $4455. Comparatively, the national median property tax rate is 0.99%, and Lakeville's tax rates can lead to higher or lower bills depending on the specific property and its assessed value. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Lakeville residents. Understanding how these taxes are calculated can help homeowners manage their finances better and anticipate annual expenses.
Average Lakeville Tax Bill
$1,900
Average Holmes County Tax Bill
$2,534
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 | $244 | $825 | $1,900 | $3,182 | $4,455 |
Source: Ownwell