Martin, Ohio Property Taxes
The median property tax rate in Martin, Ohio is 2.87%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Martin at $52,400, the typical annual property tax bill reaches $1,309, exceeding the national median of $2,690. Property taxes in Martin 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 Martin'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 Martin 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
Martin, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.87%
Estimate Property Tax Bill
$1,504
Ownwell’s Martin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Martin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martin 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 Martin, Ohio
Property taxes in Martin, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Martin is 1.25%, higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Martin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martin 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 Martin's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43445 zip code has the highest median property tax rate of 1.25%, while the same zip code has the lowest median tax rate of 1.25%. Understanding how these cities compare with Martin provides valuable insights into the varying tax landscape across Lucas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martin Tax Rate
2.87%
Average Lucas County Tax Rate
2.38%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43445 | 1.67% | 2.31% | 2.87% | 3.95% | 8.27% |
Source: Ownwell
Property Tax Assessment Values Across Martin, Ohio
In Martin, 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 Lucas 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 Martin, 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. The median home price in Martin is $52,400, with tax bills ranging from $770 at the 25th percentile to $4,000 at the 90th percentile. The zip code with the highest and lowest median tax bill is 43445, both at $1,309. Being aware of these valuation processes in Martin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Martin Assessed Value
$52,400
Average Lucas County Assessed Value
$95,600
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Martin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43445 | $3,820 | $31,100 | $52,400 | $76,700 | $100,800 |
Source: Ownwell
Property Tax Bills Across Martin, Ohio
In Martin, Lucas County, OH, property tax bills are calculated based on the assessed value of the home, which is a percentage of the market value. Homeowners in Martin experience property tax rates that can vary significantly. For instance, the tax bill at the 25th percentile is around $770, while at the 75th percentile, it jumps to $1883, and at the 90th percentile, it can reach as high as $4000. These variations reflect differences in property values and the application of local tax rates. The median home price in Martin is $52,400, and the property tax rate in this region is notably higher than the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area both stand at $1309, although these figures can change based on specific property characteristics and exemptions for which a homeowner might qualify. These property taxes significantly impact homeowners by influencing their overall housing costs and potentially their decisions to buy or sell property in Martin.
Average Martin Tax Bill
$1,309
Average Lucas County Tax Bill
$2,348
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Martin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43445 | $199 | $770 | $1,309 | $1,883 | $4,000 |
Source: Ownwell