London, Ohio Property Taxes
The median property tax rate in London, OH is 1.61%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in London at $263,950, the typical annual property tax bill reaches $4,238, exceeding the national median of $2,690. Property taxes in London 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 London’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 London 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
London, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$4,250
$3,944
Ownwell’s London Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in London with just two data points. By entering your property’s estimated assessed value, the calculator applies the median tax rate in London 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 London, Ohio
Property taxes in London, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in London is 1.61%, significantly higher than the U.S. national median of 0.99%. Local government entities within London set these rates annually, and they can vary significantly across different neighborhoods. Each year, London 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 London’s effective property tax rate to other counties in Ohio and the national median. For comparison, the 43140 zip code has both the highest and lowest median property tax rate of 1.61%. Understanding how these cities compare with London 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 London Tax Rate
1.61%
Average Franklin County Tax Rate
2.10%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across London, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43140 | 1.42% | 1.57% | 1.61% | 1.93% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across London, Ohio
In London, 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 Franklin County 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 London, 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 instance, the median home price in the area is $263,950, with tax bills ranging from $3,266 at the 25th percentile to $7,605 at the 90th percentile. The highest and lowest median tax bills are both $4,238 in the 43140 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 London helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average London Assessed Value
$263,950
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 London, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43140 | $144,610 | $186,550 | $263,950 | $347,250 | $433,970 |
Source: Ownwell
Property Tax Bills Across London, Ohio
In London, located in Franklin County, OH, property tax bills are calculated based on the assessed value of the home. The county assessor determines this value, which is a percentage of the market value of the property. Homeowners in London experience varying tax bills, influenced by factors such as the home's assessed value, local tax rates, and any applicable exemptions. For example, the median home price in London is $263,950. Property tax bills can range significantly, with the 25th percentile tax bill at $3,266 and the 75th percentile reaching $5,685. The highest median tax bill in the area is $4,238, which is significantly higher than the national median property tax rate of 0.99%. This variation means that homeowners may pay more or less than the average, depending on the specific characteristics of their property and the local tax policies. Understanding these factors is crucial for homeowners as they directly impact the affordability of owning property in London. Accurate assessments and awareness of local tax rates help homeowners anticipate their financial obligations.
Average London Tax Bill
$4,238
Average Franklin County Tax Bill
$3,472
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across London, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43140 | $2,414 | $3,266 | $4,238 | $5,685 | $7,605 |
Source: Ownwell