Lake County, Ohio Property Taxes
The median property tax rate in Lake County is 2.03%, which is significantly higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Lake County, the typical annual property tax bill reaches $1,087, which is below the national median of $2,690. Property taxes in Lake County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Lake County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Mentor or another part of Lake County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.03%
Estimate Property Tax Bill
$3,127
$2,901
Ownwell’s Lake County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Lake County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Lake County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Lake County, Ohio
Property taxes in Lake County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lake County is 2.03%, which is significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Lake County set these rates annually, and they can vary significantly between different areas within the county. Each year, Lake County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Wickliffe has one of the higher property tax rates in Ohio at 2.58%, while the city of Concord Township boasts one of the lowest at 1.02%. Analyzing how Lake County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Lake County Tax Rate
2.03%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake County, Ohio
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Chardon | 1.14% | 1.34% | 1.66% | 1.99% | 2.18% |
| Concord Township | 0.12% | 0.92% | 1.02% | 1.93% | 3.34% |
| Eastlake | 0.42% | 1.23% | 2.10% | 3.03% | 7.05% |
| Fairport Harbor | 0.18% | 1.27% | 1.75% | 3.20% | 5.60% |
| Geneva | N/A | N/A | N/A | N/A | N/A |
| Grand River | N/A | N/A | N/A | N/A | N/A |
| Kirtland | 1.01% | 1.80% | 1.85% | 2.97% | 5.03% |
| Kirtland Hills | N/A | N/A | N/A | N/A | N/A |
| Lakeline | N/A | N/A | N/A | N/A | N/A |
| Madison | 0.98% | 2.10% | 2.17% | 3.58% | 9.71% |
| Mentor | 0.22% | 0.90% | 1.62% | 2.09% | 5.80% |
| Mentor On The Lake | 0.49% | 1.10% | 1.96% | 3.67% | 5.99% |
| North Perry | N/A | N/A | N/A | N/A | N/A |
| Painesville | 0.70% | 1.17% | 2.03% | 2.69% | 6.53% |
| Perry | 0.74% | 0.95% | 1.53% | 2.20% | 3.73% |
| Thompson | 0.67% | 1.19% | 2.06% | 2.27% | 2.40% |
| Timberlake | N/A | N/A | N/A | N/A | N/A |
| Waite Hill | 2.11% | 2.11% | 2.11% | 2.11% | 2.11% |
| Wickliffe | 0.35% | 1.38% | 2.58% | 3.90% | 8.52% |
| Willoughby | 0.62% | 1.20% | 2.11% | 2.87% | 6.93% |
| Willoughby Hills | 0.26% | 1.16% | 1.43% | 3.19% | 5.89% |
| Willowick | 0.49% | 1.20% | 1.60% | 3.42% | 6.93% |
Source: Ownwell
Property Tax Assessment Values Across Lake County, Ohio
In Lake County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Lake County Appraisal District. The assessed value, however, 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 in Lake County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Waite Hill has the highest median tax bill at $18,271, while Perry has the lowest at $178. Being aware of these valuation processes in Lake County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Lake County Assessed Value
$154,020
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake County, Ohio
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Chardon | $157,248 | $187,990 | $239,600 | $287,040 | $319,260 |
| Concord Township | $125,350 | $176,012 | $254,705 | $354,895 | $448,476 |
| Eastlake | $85,151 | $103,628 | $135,205 | $170,525 | $225,277 |
| Fairport Harbor | $75,090 | $95,090 | $111,175 | $137,468 | $178,115 |
| Geneva | N/A | N/A | N/A | N/A | N/A |
| Grand River | N/A | N/A | N/A | N/A | N/A |
| Kirtland | $18,444 | $182,482 | $266,485 | $464,978 | $574,752 |
| Kirtland Hills | N/A | N/A | N/A | N/A | N/A |
| Lakeline | N/A | N/A | N/A | N/A | N/A |
| Madison | $27,434 | $90,120 | $134,970 | $183,780 | $251,816 |
| Mentor | $93,840 | $134,460 | $192,120 | $258,600 | $328,948 |
| Mentor On The Lake | $79,196 | $119,060 | $138,630 | $171,775 | $201,490 |
| North Perry | N/A | N/A | N/A | N/A | N/A |
| Painesville | $57,310 | $86,455 | $130,390 | $183,230 | $248,228 |
| Perry | $108,460 | $139,640 | $180,580 | $244,520 | $303,690 |
| Thompson | $92,568 | $151,615 | $201,200 | $277,235 | $342,786 |
| Timberlake | N/A | N/A | N/A | N/A | N/A |
| Waite Hill | $49,197 | $440,238 | $675,375 | $842,455 | $937,150 |
| Wickliffe | $89,420 | $106,030 | $129,575 | $150,938 | $191,178 |
| Willoughby | $83,640 | $119,108 | $173,215 | $259,750 | $379,121 |
| Willoughby Hills | $145,297 | $184,150 | $236,195 | $323,262 | $442,829 |
| Willowick | $99,432 | $112,390 | $127,810 | $141,540 | $159,384 |
Source: Ownwell
Property Tax Bills Across Lake County, Ohio
In Lake County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. The tax rate is then applied to this assessed value to calculate the tax bill. Factors such as property location, home size, and any applicable exemptions or deductions play a significant role in determining the final tax amount. For example, the median home price in Lake County is $154,020. Homeowners in the 25th percentile pay around $200, while those in the 75th percentile face tax bills of approximately $2,597. At the higher end, the 90th percentile sees tax bills reaching up to $5,331. The highest median tax bill in the county is in Waite Hill, at $18,271, while Perry has the lowest at just $178. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly. With the national median property tax rate at 0.99%, Lake County's tax rates can significantly impact household budgets.
Average Lake County Tax Bill
$1,087
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake County, Ohio
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Chardon | $1,948 | $2,075 | $2,286 | $2,498 | $2,624 |
| Concord Township | $429 | $1,171 | $2,544 | $4,469 | $7,335 |
| Eastlake | $27 | $833 | $1,831 | $3,456 | $5,517 |
| Fairport Harbor | $150 | $1,232 | $2,019 | $4,018 | $6,050 |
| Geneva | N/A | N/A | N/A | N/A | N/A |
| Grand River | N/A | N/A | N/A | N/A | N/A |
| Kirtland | $75 | $90 | $180 | $1,114 | $5,978 |
| Kirtland Hills | N/A | N/A | N/A | N/A | N/A |
| Lakeline | N/A | N/A | N/A | N/A | N/A |
| Madison | $35 | $138 | $414 | $1,406 | $3,213 |
| Mentor | $41 | $156 | $1,050 | $2,585 | $4,986 |
| Mentor On The Lake | $382 | $1,350 | $2,153 | $4,483 | $7,109 |
| North Perry | N/A | N/A | N/A | N/A | N/A |
| Painesville | $49 | $440 | $1,056 | $2,095 | $4,354 |
| Perry | $15 | $35 | $178 | $1,639 | $3,344 |
| Thompson | $480 | $705 | $1,081 | $3,434 | $4,845 |
| Timberlake | N/A | N/A | N/A | N/A | N/A |
| Waite Hill | $18,271 | $18,271 | $18,271 | $18,271 | $18,271 |
| Wickliffe | $25 | $219 | $1,609 | $3,859 | $6,343 |
| Willoughby | $63 | $162 | $649 | $2,586 | $5,304 |
| Willoughby Hills | $278 | $1,836 | $2,894 | $5,946 | $12,280 |
| Willowick | $183 | $1,321 | $2,034 | $4,372 | $7,973 |
Source: Ownwell