Lima, Ohio Property Taxes
The median property tax rate in Lima, OH is 1.61%, which is considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $97,600 in Lima, the typical annual property tax bill reaches $1,546, still below the national median of $2,690. Property taxes in Lima are calculated based on the assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Lima'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 Lima 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
Lima, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$1,571
$1,458
Ownwell’s Lima Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lima with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lima 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 Lima, Ohio
Property taxes in Lima, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lima is 1.61%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Lima set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lima 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 Lima's effective property tax rate to other areas in Ohio and the national median. For comparison, the 45806 zip code has the highest median property tax rate of 1.95%, while the 45801 zip code has the lowest median tax rate of 1.58%. Understanding how these areas compare with Lima provides valuable insights into the varying tax landscape across Allen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lima Tax Rate
1.61%
Average Allen County Tax Rate
1.57%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lima, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45801 | 1.21% | 1.48% | 1.58% | 1.64% | 1.80% |
| 45804 | 1.16% | 1.53% | 1.61% | 1.72% | 2.08% |
| 45805 | 1.40% | 1.47% | 1.59% | 1.95% | 1.99% |
| 45806 | 1.45% | 1.54% | 1.95% | 1.99% | 2.22% |
| 45807 | 1.40% | 1.58% | 1.74% | 1.77% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Lima, Ohio
In Lima, 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 Allen 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 Lima, 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 Lima helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Lima is $2,699 in the 45806 zip code, while the lowest is $592 in the 45804 zip code.
Average Lima Assessed Value
$97,600
Average Allen County Assessed Value
$103,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lima, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45801 | $33,700 | $47,675 | $70,600 | $118,425 | $184,340 |
| 45804 | $17,600 | $24,200 | $35,400 | $76,800 | $148,400 |
| 45805 | $51,270 | $73,200 | $109,800 | $163,800 | $234,900 |
| 45806 | $84,770 | $113,525 | $145,050 | $188,100 | $250,260 |
| 45807 | $56,400 | $104,250 | $150,000 | $202,650 | $269,900 |
Source: Ownwell
Property Tax Bills Across Lima, Ohio
In Lima, Allen County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $97,600, homeowners can expect varying tax bills depending on their specific property and neighborhood. Factors such as the home's location, condition, and any improvements made can influence its assessed value. In Lima, the tax bill can range significantly, with the 25th percentile at $800 and the 75th percentile reaching $2,684. The highest median tax bill in the area is found in the 45806 zip code at $2,699, while the lowest is in the 45804 zip code at $592. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding these factors can help in budgeting and financial planning, ensuring they are prepared for their annual property tax obligations.
Average Lima Tax Bill
$1,546
Average Allen County Tax Bill
$1,550
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lima, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45801 | $498 | $722 | $1,073 | $1,875 | $2,873 |
| 45804 | $268 | $408 | $592 | $1,280 | $2,348 |
| 45805 | $772 | $1,103 | $1,738 | $2,875 | $4,471 |
| 45806 | $1,405 | $2,004 | $2,699 | $3,482 | $4,457 |
| 45807 | $962 | $1,715 | $2,466 | $3,348 | $4,595 |
Source: Ownwell