Lynchburg, Ohio Property Taxes
The median property tax rate in Lynchburg, Ohio is 1.17%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Lynchburg at $90,700, the typical annual property tax bill amounts to $1,196, falling below the national median of $2,690. Property taxes in Lynchburg are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Navigating Lynchburg'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 Lynchburg or another part of Highland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lynchburg, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,061
Ownwell’s Lynchburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynchburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynchburg 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 Lynchburg, Ohio
Property taxes in Lynchburg, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynchburg is 1.17%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Lynchburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynchburg 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 Lynchburg's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45142 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Lynchburg provides valuable insights into the varying tax landscape across Highland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynchburg Tax Rate
1.17%
Average Highland County Tax Rate
1.23%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynchburg, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45142 | 0.73% | 1.11% | 1.17% | 1.64% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Lynchburg, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lynchburg, 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 Highland 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. For instance, the median home price in Lynchburg is $90,700, with tax bills ranging from $565 at the 25th percentile to $2,419 at the 90th percentile. The highest and lowest median tax bills are both $1,196, found in zip code 45142. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage their tax burden effectively.
Average Lynchburg Assessed Value
$90,700
Average Highland County Assessed Value
$82,400
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynchburg, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45142 | $13,170 | $45,075 | $90,700 | $143,150 | $215,500 |
Source: Ownwell
Property Tax Bills Across Lynchburg, Ohio
Property tax bills in Lynchburg, located in Highland County, OH, are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. In Lynchburg, the median home price is $90,700, and property tax bills can vary significantly. For instance, homeowners in the 25th percentile pay around $565, while those in the 75th percentile face bills of approximately $1,821. The tax bill for homeowners in the 90th percentile can reach up to $2,419. These property taxes fund essential public services, such as schools, infrastructure, and emergency services. Homeowners in Lynchburg should be aware that their property tax bills can vary based on changes in property values and local tax rates, impacting their annual financial planning. The local median property tax rate is higher than the national median of 0.99%, reflecting the specific fiscal needs of the community.
Average Lynchburg Tax Bill
$1,196
Average Highland County Tax Bill
$971
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynchburg, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45142 | $151 | $565 | $1,196 | $1,821 | $2,419 |
Source: Ownwell