Waite Hill, Ohio Property Taxes
The median property tax rate in Waite Hill, OH is 2.11%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Waite Hill at $675,375, the typical annual property tax bill reaches $18,271, far exceeding the national median of $2,690. Property taxes in Waite Hill 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 Waite Hill'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 Waite Hill 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
Waite Hill, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$14,250
$13,224
Ownwell’s Waite Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waite Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waite Hill 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 Waite Hill, Ohio
Property taxes in Waite Hill, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waite Hill is 2.11%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Waite Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waite Hill 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 Waite Hill's effective property tax rate to other areas in Ohio and the national median. For comparison, the highest and lowest median property tax rates in Lake County are both 2.11%, highlighting a consistent tax landscape within the region. Understanding how these cities compare with Waite Hill 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 Waite Hill Tax Rate
2.11%
Average Lake County Tax Rate
2.03%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waite Hill, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44094 | 2.11% | 2.11% | 2.11% | 2.11% | 2.11% |
Source: Ownwell
Property Tax Assessment Values Across Waite Hill, Ohio
In Waite Hill, 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 Waite Hill, 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 Waite Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 44094 has both the highest and lowest median tax bills at $18,271, reflecting the consistency in property values in the area.
Average Waite Hill Assessed Value
$675,375
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 Waite Hill, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44094 | $49,197 | $440,238 | $675,375 | $842,455 | $937,150 |
Source: Ownwell
Property Tax Bills Across Waite Hill, Ohio
In Waite Hill, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate, which varies within the county. For homeowners in Waite Hill, the median home price stands at $675,375. With a property tax rate that can lead to a median tax bill of $18,271, homeowners are seeing significant costs compared to the national median property tax rate of 0.99%. Several factors influence the total tax bill, including the home's market value, any applicable exemptions, and the specific tax rate set by Lake County. The tax burden can be substantial, impacting homeowners' annual expenses and potentially affecting their financial planning. High property taxes in Waite Hill underscore the importance of understanding local tax assessments and exploring possible exemptions to manage these costs effectively.
Average Waite Hill Tax Bill
$18,271
Average Lake County Tax Bill
$1,087
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Waite Hill, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44094 | $18,271 | $18,271 | $18,271 | $18,271 | $18,271 |
Source: Ownwell