New Lexington, Ohio Property Taxes
The median property tax rate in New Lexington, OH is 1.40%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $68,420 in New Lexington, the typical annual property tax bill amounts to $903, which is below the national median of $2,690. Property taxes in New Lexington are based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding New Lexington'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 New Lexington or another part of Perry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Lexington, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$958
Ownwell’s New Lexington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Lexington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Lexington 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 New Lexington, Ohio
Property taxes in New Lexington, Ohio, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in New Lexington is 1.40%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within New Lexington set these rates annually, and they can vary across different neighborhoods. Each year, New Lexington 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 New Lexington's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 43764 has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with New Lexington provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Lexington Tax Rate
1.40%
Average Perry County Tax Rate
1.48%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Lexington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43764 | 1.01% | 1.30% | 1.40% | 1.47% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across New Lexington, Ohio
In New Lexington, 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 Perry 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 New Lexington, 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 New Lexington 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 $903.00, found in zip code 43764.
Average New Lexington Assessed Value
$68,420
Average Perry County Assessed Value
$71,105
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Lexington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43764 | $4,830 | $24,330 | $68,420 | $115,190 | $174,540 |
Source: Ownwell
Property Tax Bills Across New Lexington, Ohio
In New Lexington, Perry County, OH, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is a percentage of the property's market value and is multiplied by the local tax rate. For homeowners in New Lexington, the median home price is $68,420. Property tax bills can vary significantly, with the 25th percentile tax bill at $311 and the 90th percentile reaching up to $2,341. Several factors influence the final tax bill, including the property's location, its assessed value, and any applicable exemptions or deductions. These taxes fund essential public services such as schools, infrastructure, and emergency services. Homeowners in New Lexington face a median property tax bill of $903, which is below the national median rate of 0.99%. Understanding how property taxes are calculated can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average New Lexington Tax Bill
$903
Average Perry County Tax Bill
$1,003
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across New Lexington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43764 | $61 | $311 | $903 | $1,528 | $2,341 |
Source: Ownwell