Vermilion, Ohio Property Taxes
The median property tax rate in Vermilion, OH is 1.46%, which is considerably higher than both the national median of 0.99% and Ohio's state median of 1.80%. With the median home value in Vermilion, the typical annual property tax bill reaches $2,200, slightly below the national median of $2,690. Property taxes in Vermilion 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 Vermilion'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 Vermilion 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
Vermilion, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$2,154
$1,999
Ownwell’s Vermilion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vermilion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vermilion 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 Vermilion, Ohio
Property taxes in Vermilion, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vermilion is 1.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within Vermilion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vermilion 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 Vermilion's effective property tax rate to other areas within Erie County and the national median. For comparison, the 44089 zip code has the highest median property tax rate of 1.46%, while the 44889 zip code has the lowest median tax rate of 1.42%. Understanding how these areas compare with Vermilion provides valuable insights into the varying tax landscape across Erie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vermilion Tax Rate
1.46%
Average Erie County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vermilion, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44089 | 1.26% | 1.42% | 1.46% | 1.63% | 1.67% |
| 44889 | 1.24% | 1.29% | 1.42% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Vermilion, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Vermilion, Ohio. 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 Erie 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. 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. In Vermilion, the median home price is $147,540. The zip code with the highest median tax bill is 44889, at $2,347, while 44089 has the lowest median tax bill at $2,198. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Vermilion Assessed Value
$147,540
Average Erie County Assessed Value
$126,310
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vermilion, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44089 | $64,414 | $102,505 | $147,380 | $218,880 | $331,084 |
| 44889 | $151,620 | $168,145 | $191,630 | $255,080 | $336,044 |
Source: Ownwell
Property Tax Bills Across Vermilion, Ohio
In Vermilion, located in Erie County, OH, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county's appraisal office and represents a percentage of your property's market value. For instance, with a median home price of $147,540, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $1,547, while those in the 75th percentile might see bills as high as $3,232. At the 90th percentile, tax bills can reach up to $4,964. Several factors influence these calculations, including property location, improvements, and market trends. The tax rate in Vermilion is crucial in determining the final amount, and it can differ from the national median property tax rate of 0.99%. For example, the highest median tax bill in the area, found in zip code 44889, is $2,347, whereas the lowest, in zip code 44089, is $2,198. These variations directly impact homeowners, affecting their annual financial planning and overall cost of living.
Average Vermilion Tax Bill
$2,200
Average Erie County Tax Bill
$2,003
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Vermilion, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44089 | $927 | $1,542 | $2,198 | $3,231 | $4,964 |
| 44889 | $2,153 | $2,254 | $2,347 | $3,639 | $4,625 |
Source: Ownwell