Lockbourne, Ohio Property Taxes
The median property tax rate in Lockbourne, OH is 1.95%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Lockbourne at $169,000, the typical annual property tax bill reaches $3,329, exceeding the national median of $2,690. Property taxes in Lockbourne 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 Lockbourne'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 Lockbourne or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lockbourne, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.95%
Estimate Property Tax Bill
$3,296
$3,058
Ownwell’s Lockbourne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lockbourne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lockbourne 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 Lockbourne, Ohio
Property taxes in Lockbourne, Ohio, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lockbourne is 1.95%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lockbourne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lockbourne 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 Lockbourne's effective property tax rate to other areas in Franklin County and the national median. For comparison, the zip code 43137 has the highest median property tax rate of 1.95%, while the lowest median tax rate is also 1.95% in the same zip code. Understanding how these figures compare with Lockbourne provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lockbourne Tax Rate
1.95%
Average Franklin County Tax Rate
2.10%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lockbourne, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43137 | 1.69% | 1.90% | 1.95% | 2.04% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Lockbourne, Ohio
In Lockbourne, 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 Franklin County Auditor 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 Lockbourne, 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 Lockbourne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lockbourne are both $3329, found in the 43137 zip code.
Average Lockbourne Assessed Value
$169,000
Average Franklin County Assessed Value
$168,000
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lockbourne, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43137 | $64,400 | $99,100 | $169,000 | $237,500 | $316,860 |
Source: Ownwell
Property Tax Bills Across Lockbourne, Ohio
In Lockbourne, located in Franklin County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $169,000, homeowners can expect varying tax bills depending on specific factors such as property location and local levies. The tax bill in Lockbourne can range significantly, with the 25th percentile at $1,986 and the 75th percentile reaching $5,016. At the higher end, the 90th percentile tax bill can be as much as $6,828. These figures illustrate the potential financial impact on homeowners, which can vary widely even within the same zip code, where the median tax bill is $3,329. Compared to the national median property tax rate of 0.99%, Lockbourne’s tax rates reflect the local economic conditions and public service funding requirements.
Average Lockbourne Tax Bill
$3,329
Average Franklin County Tax Bill
$3,472
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lockbourne, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43137 | $1,223 | $1,986 | $3,329 | $5,016 | $6,828 |
Source: Ownwell