Mentor, Ohio Property Taxes
The median property tax rate in Mentor, OH is 1.62%, 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 Mentor at $192,120, the typical annual property tax bill reaches $1,050, well below the national median of $2,690. Property taxes in Mentor 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 Mentor'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 Mentor 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
Mentor, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.62%
Estimate Property Tax Bill
$3,112
Ownwell’s Mentor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mentor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mentor 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 Mentor, Ohio
Property taxes in Mentor, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mentor is 1.62%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Mentor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mentor 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 Mentor's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44060 zip code has the highest median property tax rate of 1.62%, while the lowest median tax rate is also 1.62% in the same zip code. Understanding how these cities compare with Mentor 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 Mentor Tax Rate
1.62%
Average Lake County Tax Rate
2.03%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mentor, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44060 | 0.22% | 0.90% | 1.62% | 2.09% | 5.80% |
Source: Ownwell
Property Tax Assessment Values Across Mentor, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mentor, 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 local 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. 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 Mentor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Mentor, the zip code 44060 has the highest and lowest median tax bills, both at $1,050. The 25th percentile tax bill is $156, while the 75th percentile tax bill is $2,585, and the 90th percentile tax bill is $4,986.
Average Mentor Assessed Value
$192,120
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 Mentor, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44060 | $93,840 | $134,460 | $192,120 | $258,600 | $328,948 |
Source: Ownwell
Property Tax Bills Across Mentor, Ohio
Property tax bills in Mentor, located in Lake County, OH, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. In Mentor, the median home price is $192,120, and the property tax rate is relatively close to the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Mentor can expect a wide range in their property tax bills. For instance, while the 25th percentile tax bill is $156, the 75th percentile tax bill is significantly higher at $2,585, and those in the 90th percentile can see bills as high as $4,986. This variability highlights the importance of understanding how property characteristics and local tax rates impact the overall tax burden. Homeowners must stay informed about these factors to manage their financial planning effectively.
Average Mentor Tax Bill
$1,050
Average Lake County Tax Bill
$1,087
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Mentor, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44060 | $41 | $156 | $1,050 | $2,585 | $4,986 |
Source: Ownwell