Lima, Ohio Property Taxes
The median property tax rate in Lima, OH is 1.57%, 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 $162,160 in Lima, the typical annual property tax bill reaches $2,441, which is below the national median of $2,690. Property taxes in Lima are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like 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
1.57%
Estimate Property Tax Bill
$2,546
$2,363
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 vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lima is 1.57%, significantly higher than 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 counties in Ohio and the national median. For comparison, the zip code 45806 has the highest median property tax rate of 1.57%, while the same zip code also has the lowest median tax rate of 1.57%. Understanding how these cities compare with Lima provides valuable insights into the varying tax landscape across Auglaize County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lima Tax Rate
1.57%
Average Auglaize County Tax Rate
1.86%
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 |
|---|---|---|---|---|---|
| 45806 | 1.37% | 1.47% | 1.57% | 1.64% | 1.77% |
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 Auglaize 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. The zip code with the highest median tax bill is 45806, with a median tax bill of $2,441.
Average Lima Assessed Value
$162,160
Average Auglaize County Assessed Value
$135,635
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 |
|---|---|---|---|---|---|
| 45806 | $50,510 | $104,820 | $162,160 | $222,200 | $321,830 |
Source: Ownwell
Property Tax Bills Across Lima, Ohio
In Lima, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value represents a percentage of the property's market value. Homeowners in Lima can expect their tax bills to vary significantly depending on the assessed value and the specific tax rate applied by Auglaize County. For instance, the median home price in Lima is $162,160. The tax bill at the 25th percentile is $1,606, while at the 75th percentile, it rises to $3,308. The tax bill at the 90th percentile can go as high as $5,140. These figures illustrate the range of property tax burdens that homeowners might face. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how Lima's property taxes stack up against other regions. Homeowners in Lima should be aware of these factors as they directly impact their annual financial obligations and overall cost of homeownership.
Average Lima Tax Bill
$2,441
Average Auglaize County Tax Bill
$2,263
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 |
|---|---|---|---|---|---|
| 45806 | $794 | $1,606 | $2,441 | $3,308 | $5,140 |
Source: Ownwell