Thompson, Ohio Property Taxes
The median property tax rate in Thompson, OH is 2.06%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Thompson at $201,200, the typical annual property tax bill reaches $1,081, exceeding the national median of $2,690. Property taxes in Thompson 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 Thompson'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 Thompson 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
Thompson, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.06%
Estimate Property Tax Bill
$4,145
Ownwell’s Thompson Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Thompson. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thompson to provide an accurate estimate of your property tax bill. This user-friendly tool helps you gain a clear understanding of your potential tax liabilities, making financial planning more straightforward. For those interested in more detailed insights, scroll down to explore trends and localized information at the neighborhood level. Your property’s assessed value, determined by the county, is used for these calculations, factoring in any applicable exemptions.
Property Tax Rates Across Thompson, Ohio
Property taxes in Thompson, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thompson is 2.06%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Thompson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thompson 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 Thompson's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44086 zip code has the highest median property tax rate of 2.06%, while the same zip code also has the lowest median tax rate of 2.06%. Understanding how these cities compare with Thompson 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 Thompson Tax Rate
2.06%
Average Lake County Tax Rate
2.03%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thompson, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44086 | 0.67% | 1.19% | 2.06% | 2.27% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Thompson, Ohio
In Thompson, 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 Thompson, 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 Thompson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both found in zip code 44086, standing at $1081.
Average Thompson Assessed Value
$201,200
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 Thompson, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44086 | $92,568 | $151,615 | $201,200 | $277,235 | $342,786 |
Source: Ownwell
Property Tax Bills Across Thompson, Ohio
In Thompson, OH, located in Lake County, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is typically a percentage of the market value of the property, which is determined by the county assessor. Homeowners in Thompson face a median property tax rate that is reflective of the local economic conditions and public service requirements. Factors influencing the tax bill include the property's location, size, and any improvements made. For instance, the median home price in Thompson is $201,200. Homeowners can expect to pay a tax bill ranging from $705 at the 25th percentile to $3,434 at the 75th percentile, with the 90th percentile reaching up to $4,845. These figures indicate that while some residents pay below the national median property tax rate of 0.99%, others may pay significantly more, depending on their property's assessed value. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Thompson Tax Bill
$1,081
Average Lake County Tax Bill
$1,087
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Thompson, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44086 | $480 | $705 | $1,081 | $3,434 | $4,845 |
Source: Ownwell