Eastlake, Ohio Property Taxes
The median property tax rate in Eastlake, OH, is 2.10%, significantly higher than both the national median of 0.99% and Ohio's state median of 1.80%. With the median home value in Eastlake at $135,205, the typical annual property tax bill reaches $1,831, which is below the national median of $2,690. Property taxes in Eastlake 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 Eastlake'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 Eastlake 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
Eastlake, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.1%
Estimate Property Tax Bill
$2,839
Ownwell’s Eastlake Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Eastlake with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Eastlake to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed insights, localized information is available by scrolling down. Your property’s assessed value is determined by the county for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Eastlake, Ohio
Property taxes in Eastlake, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eastlake is 2.10%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Eastlake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eastlake 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 Eastlake's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 44095 has both the highest and lowest median property tax rate of 2.09%. Understanding how these cities compare with Eastlake provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eastlake Tax Rate
2.10%
Average Lake County Tax Rate
2.03%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eastlake, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44094 | N/A | N/A | N/A | N/A | N/A |
| 44095 | 0.41% | 1.23% | 2.09% | 3.04% | 7.05% |
Source: Ownwell
Property Tax Assessment Values Across Eastlake, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Eastlake, 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 Lake 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 Eastlake, 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 Eastlake is $135,205, with tax bills ranging from $833 at the 25th percentile to $5,517 at the 90th percentile. The zip code 44095 has the highest and lowest median tax bill, both at $1,840. 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 the tax burden.
Average Eastlake Assessed Value
$135,205
Average Lake County Assessed Value
$154,020
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eastlake, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44094 | N/A | N/A | N/A | N/A | N/A |
| 44095 | $85,206 | $103,635 | $135,210 | $170,530 | $225,278 |
Source: Ownwell
Property Tax Bills Across Eastlake, Ohio
In Eastlake, property tax bills are calculated based on the assessed value of your home, which is determined by the Lake County Auditor. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to calculate the tax bill. The median home price in Eastlake is $135,205. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Eastlake can expect a wide range of property tax bills. For instance, tax bills at the 25th percentile are around $833, while those at the 75th percentile reach up to $3,456. At the higher end, the 90th percentile tax bill is approximately $5,517. This variability can significantly impact homeowners, particularly when compared to the national median property tax rate of 0.99%. In Eastlake, the highest median tax bill recorded is $1,840 in the 44095 zip code, which underscores the importance of understanding how local assessments and tax rates affect your financial obligations.
Average Eastlake Tax Bill
$1,831
Average Lake County Tax Bill
$1,087
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Eastlake, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44094 | N/A | N/A | N/A | N/A | N/A |
| 44095 | $27 | $833 | $1,840 | $3,456 | $5,529 |
Source: Ownwell