Litchfield, Ohio Property Taxes
The median property tax rate in Litchfield, OH is 1.76%, considerably higher than the national median of 0.99% but slightly below the Ohio state median of 1.80%. With the median home value in Litchfield at $268,685, the typical annual property tax bill reaches $4,531, significantly exceeding the national median of $2,690. Property taxes in Litchfield 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 Litchfield'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 Litchfield 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
Litchfield, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$4,729
Ownwell’s Litchfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Litchfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Litchfield 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 Litchfield, Ohio
Property taxes in Litchfield, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Litchfield is 1.76%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Litchfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Litchfield 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 Litchfield's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 44253 has the highest median property tax rate of 1.76%, while the same zip code also has the lowest median tax rate of 1.76%. Understanding how these cities compare with Litchfield provides valuable insights into the varying tax landscape across Lorain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Litchfield Tax Rate
1.76%
Average Lorain County Tax Rate
1.82%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Litchfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44253 | 1.59% | 1.75% | 1.76% | 1.77% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Litchfield, Ohio
In Litchfield, 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 Lorain 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 Litchfield, 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 Litchfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4,531, located in the 44253 zip code.
Average Litchfield Assessed Value
$268,685
Average Lorain County Assessed Value
$141,300
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Litchfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44253 | $163,235 | $222,980 | $268,685 | $328,268 | $365,295 |
Source: Ownwell
Property Tax Bills Across Litchfield, Ohio
In Litchfield, OH, property tax bills are calculated based on the assessed value of a homeowner's property. The local taxing authority determines the assessed value, which is a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Factors such as property size, location, and home improvements can influence the assessed value. For homeowners in Litchfield, the median home price is $268,685, and property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $3,821, while those at the 75th percentile could see bills as high as $5,783. The top 10% of property tax bills reach up to $6,526. Compared to the national median property tax rate of 0.99%, Litchfield's rates result in substantial tax bills, reflecting the community's property values and local tax policies. This can significantly impact homeowners' annual expenses, making it essential to understand and anticipate these costs.
Average Litchfield Tax Bill
$4,531
Average Lorain County Tax Bill
$2,507
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Litchfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44253 | $2,898 | $3,821 | $4,531 | $5,783 | $6,526 |
Source: Ownwell