Mentor On The Lake, Lake County, Ohio Property Taxes
The median property tax rate in Mentor on the Lake, OH is 1.96%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Mentor on the Lake at $138,630, the typical annual property tax bill reaches $2,153, which is below the national median of $2,690. Property taxes in Mentor on the Lake 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 Mentor on the Lake'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 Mentor on the Lake 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
Mentor On The Lake, Lake County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.96%
Estimate Property Tax Bill
$2,717
$2,521
Ownwell’s Mentor on the Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mentor on the Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mentor on the Lake 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 Mentor On The Lake, Lake County, Ohio
Property taxes in Mentor on the Lake, Ohio, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mentor on the Lake is 1.96%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Mentor on the Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mentor on the Lake 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 Mentor on the Lake's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44060 zip code has the highest median property tax rate of 1.96%, while the same 44060 zip code also has the lowest median tax rate of 1.96%. Understanding how these cities compare with Mentor on the Lake 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 Mentor On The Lake Tax Rate
1.96%
Average Lake County Tax Rate
2.03%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mentor On The Lake, Lake County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44060 | 0.49% | 1.10% | 1.96% | 3.67% | 5.99% |
Source: Ownwell
Property Tax Assessment Values Across Mentor On The Lake, Lake County, Ohio
In Mentor on the Lake, 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 Mentor on the Lake, 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. Notably, the median home price in Mentor on the Lake is $138,630, with the 25th percentile tax bill at $1,350 and the 75th percentile tax bill at $4,483. The highest and lowest median tax bills, both at $2,153, are found in the 44060 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 Mentor on the Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mentor On The Lake, Lake County, Ohio
Source: Ownwell
$111,175
$393,275
$675,375
Average Mentor On The Lake Assessed Value
$138,630
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 Mentor On The Lake, Lake County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44060 | $79,196 | $119,060 | $138,630 | $171,775 | $201,490 |
Source: Ownwell
Property Tax Bills Across Mentor On The Lake, Lake County, Ohio
In Mentor on the Lake, Lake County, OH, property tax bills are calculated based on the assessed value of a home, not its market value. The assessed value is a percentage of the market value, determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the tax bill. For homeowners in Mentor on the Lake, the median home price is $138,630. Property tax bills can vary significantly within the area. For instance, the 25th percentile tax bill is $1,350, while the 75th percentile tax bill reaches $4,483. At the 90th percentile, homeowners might see tax bills as high as $7,109. These figures illustrate the range of tax burdens that residents might face, depending on their property's assessed value and specific tax rate. Compared to the national median property tax rate of 0.99%, the property tax rate in Mentor on the Lake can result in significantly different tax bills, impacting homeowners' annual expenses and financial planning.
Average Mentor On The Lake Tax Bill
$2,153
Average Lake County Tax Bill
$1,087
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Mentor On The Lake, Lake County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44060 | $382 | $1,350 | $2,153 | $4,483 | $7,109 |
Source: Ownwell