Painesville, Ohio Property Taxes
The median property tax rate in Painesville, OH is 2.03%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Painesville, the typical annual property tax bill reaches $1,056, which is below the national median of $2,690. Property taxes in Painesville 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 Painesville'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 Painesville 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
Painesville, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.03%
Estimate Property Tax Bill
$2,647
Ownwell’s Painesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Painesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Painesville 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 Painesville, Ohio
Property taxes in Painesville, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Painesville is 2.03%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Painesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Painesville 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 Painesville's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44077 zip code has the highest median property tax rate of 2.03%, while the same zip code also holds the lowest median tax rate of 2.03%. Understanding how these cities compare with Painesville 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 Painesville Tax Rate
2.03%
Average Lake County Tax Rate
2.03%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Painesville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44077 | 0.70% | 1.17% | 2.03% | 2.69% | 6.53% |
Source: Ownwell
Property Tax Assessment Values Across Painesville, Ohio
In Painesville, 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 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 Painesville, 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 Painesville is $130,390, and tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $440, while at the 75th percentile, it reaches $2,095. The highest median tax bill in the area is $1,056, found in the 44077 zip code, which also has the lowest median tax bill of $1,056. 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 Painesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Painesville Assessed Value
$130,390
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 Painesville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44077 | $57,310 | $86,455 | $130,390 | $183,230 | $248,228 |
Source: Ownwell
Property Tax Bills Across Painesville, Ohio
In Painesville, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Lake County, where Painesville is located, see a range of tax bills. The 25th percentile tax bill is around $440, while the 75th percentile reaches $2,095, and the 90th percentile can be as high as $4,354. Several factors influence the final tax bill, including the property's location, size, and condition, as well as local tax rates and levies. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Painesville's tax rates can vary significantly, reflecting the diverse property values and local fiscal policies. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Painesville Tax Bill
$1,056
Average Lake County Tax Bill
$1,087
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Painesville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44077 | $49 | $440 | $1,056 | $2,095 | $4,354 |
Source: Ownwell