Fairport Harbor, Ohio Property Taxes
The median property tax rate in Fairport Harbor, OH is 1.75%, higher than the national median of 0.99% but slightly below the Ohio state median of 1.80%. With a median home value of $111,175 in Fairport Harbor, the typical annual property tax bill amounts to $2,019, which is lower than the national median of $2,690. Property taxes in Fairport Harbor are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Fairport Harbor'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 Fairport Harbor 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
Fairport Harbor, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$1,946
$1,805
Ownwell’s Fairport Harbor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairport Harbor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairport Harbor 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 Fairport Harbor, Ohio
Property taxes in Fairport Harbor, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairport Harbor is 1.75%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Fairport Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairport Harbor 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 Fairport Harbor's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44077 zip code has the highest median property tax rate of 1.75%, while the 44077 zip code also has the lowest median tax rate of 1.75%. Understanding how these cities compare with Fairport Harbor provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairport Harbor Tax Rate
1.75%
Average Lake County Tax Rate
2.03%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairport Harbor, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44077 | 0.18% | 1.27% | 1.75% | 3.20% | 5.60% |
Source: Ownwell
Property Tax Assessment Values Across Fairport Harbor, Ohio
In Fairport Harbor, 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 Lake 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. In Fairport Harbor, 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 Fairport Harbor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 44077 has the highest and lowest median tax bill, both at $2,019, reflecting the variability within the area.
Average Fairport Harbor Assessed Value
$111,175
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 Fairport Harbor, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44077 | $75,090 | $95,090 | $111,175 | $137,468 | $178,115 |
Source: Ownwell
Property Tax Bills Across Fairport Harbor, Ohio
Property tax bills in Fairport Harbor, located in Lake County, OH, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's appraisal district and is typically a percentage of the property's market value. In Fairport Harbor, the median home price is $111,175. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, homes in the 25th percentile have tax bills around $1,232, while those in the 75th percentile see bills up to $4,018. The 90th percentile tax bill can reach as high as $6,050. These figures show a significant range in tax liabilities, reflecting the diverse property values within the area. Compared to the national median property tax rate of 0.99%, homeowners in Fairport Harbor experience varying impacts on their finances, depending on their property's assessed value and the applicable local tax rate.
Average Fairport Harbor Tax Bill
$2,019
Average Lake County Tax Bill
$1,087
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairport Harbor, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44077 | $150 | $1,232 | $2,019 | $4,018 | $6,050 |
Source: Ownwell