Willoughby Hills, Ohio Property Taxes
The median property tax rate in Willoughby Hills, OH is 1.43%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Willoughby Hills at $236,195, the typical annual property tax bill reaches $2,894, exceeding the national median of $2,690. Property taxes in Willoughby Hills 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 Willoughby Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Willoughby Hills 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
Willoughby Hills, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$3,378
$3,134
Ownwell’s Willoughby Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Willoughby Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willoughby Hills 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 Willoughby Hills, Ohio
Property taxes in Willoughby Hills, Ohio, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Willoughby Hills is 1.43%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Willoughby Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willoughby Hills 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 Willoughby Hills' effective property tax rate to other areas in Ohio and the national median. For comparison, the 44094 zip code has the highest median property tax rate of 1.58%, while the 44092 zip code has the lowest median tax rate of 1.36%. Understanding how these areas compare with Willoughby Hills 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 Willoughby Hills Tax Rate
1.43%
Average Lake County Tax Rate
2.03%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Willoughby Hills, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44092 | 0.99% | 1.19% | 1.36% | 2.82% | 4.67% |
| 44094 | 0.12% | 1.08% | 1.58% | 3.41% | 8.37% |
Source: Ownwell
Property Tax Assessment Values Across Willoughby Hills, Ohio
In Willoughby Hills, 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 Willoughby Hills, 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 Willoughby Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,719 in the 44092 zip code, while the lowest is $2,747 in the 44094 zip code.
Average Willoughby Hills Assessed Value
$236,195
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 Willoughby Hills, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44092 | $149,090 | $176,610 | $230,720 | $302,475 | $383,450 |
| 44094 | $138,662 | $187,250 | $239,780 | $342,030 | $478,280 |
Source: Ownwell
Property Tax Bills Across Willoughby Hills, Ohio
In Willoughby Hills, located in Lake County, OH, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For example, if the median home price is $236,195, the assessed value would be a fraction of that amount, depending on local assessment rules. Once the assessed value is established, the local tax rate is applied. In Lake County, tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,836, while the 75th percentile reaches $5,946, and the 90th percentile can go up to $12,280. This variation is influenced by factors such as property location, size, and any applicable exemptions. Homeowners in Willoughby Hills, therefore, experience a range of property tax burdens. The highest median tax bill in the area is $3,719 in the 44092 zip code, whereas the lowest median tax bill is $2,747 in the 44094 zip code. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Willoughby Hills Tax Bill
$2,894
Average Lake County Tax Bill
$1,087
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Willoughby Hills, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44092 | $1,767 | $1,977 | $3,719 | $6,014 | $8,926 |
| 44094 | $63 | $1,584 | $2,747 | $5,486 | $15,336 |
Source: Ownwell