Lafferty, Belmont County, Ohio Property Taxes
The median property tax rate in Lafferty, OH is 1.15%, 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 $40,880 in Lafferty, the typical annual property tax bill is $395, significantly below the national median of $2,690. Property taxes in Lafferty are calculated based on the assessed value, which is often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Lafferty'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 Lafferty or another part of Belmont County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lafferty, Belmont County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$470
$436
Ownwell’s Lafferty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lafferty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lafferty 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 Lafferty, Belmont County, Ohio
Property taxes in Lafferty, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lafferty is 1.15%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Lafferty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lafferty 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 Lafferty's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43951 zip code has the highest median property tax rate of 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Lafferty provides valuable insights into the varying tax landscape across Belmont County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lafferty Tax Rate
1.15%
Average Belmont County Tax Rate
1.29%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafferty, Belmont County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43951 | 1.03% | 1.12% | 1.15% | 1.15% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Lafferty, Belmont County, Ohio
In Lafferty, 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 Belmont 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 Lafferty, 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. For example, the highest median tax bill in the area is $395 in the 43951 zip code. 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 Lafferty helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lafferty, Belmont County, Ohio
Source: Ownwell
$16,435
$80,833
$145,230
Average Lafferty Assessed Value
$40,880
Average Belmont County Assessed Value
$74,065
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lafferty, Belmont County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43951 | $2,402 | $8,720 | $40,880 | $58,560 | $90,434 |
Source: Ownwell
Property Tax Bills Across Lafferty, Belmont County, Ohio
In Lafferty, located in Belmont County, OH, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. For instance, the median home price in Lafferty is $40,880. The property tax rate in this region is applied to this assessed value to determine the annual tax bill. Factors such as location within the county, property size, and any applicable exemptions or deductions also play a role in the final tax amount. Homeowners in Lafferty can expect a wide range of tax bills. The 25th percentile tax bill stands at $100, while the 75th percentile reaches $656. At the higher end, the 90th percentile tax bill is $1,023. The median tax bill in the area is $395, which is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable, but it also reflects the relatively modest property values in the region.
Average Lafferty Tax Bill
$395
Average Belmont County Tax Bill
$992
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafferty, Belmont County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43951 | $28 | $100 | $395 | $656 | $1,023 |
Source: Ownwell