Willowick, Ohio Property Taxes
The median property tax rate in Willowick, OH is 1.60%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Willowick at $127,810, the typical annual property tax bill reaches $2,034, exceeding the national median of $2,690. Property taxes in Willowick 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 Willowick'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 Willowick 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
Willowick, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$2,045
Ownwell’s Willowick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Willowick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willowick 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 Willowick, Ohio
Property taxes in Willowick, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Willowick is 1.60%, significantly higher than the U.S. national median of 0.99%. Local government entities within Willowick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willowick 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 Willowick's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44095 zip code has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these areas compare with Willowick 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 Willowick Tax Rate
1.60%
Average Lake County Tax Rate
2.03%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Willowick, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44095 | 0.49% | 1.20% | 1.60% | 3.42% | 6.93% |
Source: Ownwell
Property Tax Assessment Values Across Willowick, Ohio
In Willowick, 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 Willowick, 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. The median home price in Willowick is $127,810, with tax bills ranging from $1,321 at the 25th percentile to $7,973 at the 90th percentile. The highest and lowest median tax bills are both $2,034, found in the 44095 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 Willowick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Willowick Assessed Value
$127,810
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 Willowick, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44095 | $99,432 | $112,390 | $127,810 | $141,540 | $159,384 |
Source: Ownwell
Property Tax Bills Across Willowick, Ohio
In Willowick, located in Lake County, OH, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the home, and this figure is then multiplied by the local property tax rate to determine the annual tax bill. For instance, the median home price in Willowick is $127,810. Factors such as the property's size, location, and condition, as well as any improvements or additions, can influence the assessed value. Homeowners in Willowick can expect their property tax bills to vary, with the 25th percentile tax bill at $1,321 and the 75th percentile tax bill at $4,372. The 90th percentile tax bill can reach up to $7,973. Compared to the national median property tax rate of 0.99%, Willowick's property taxes can significantly impact homeowners' annual expenses, making it essential for residents to understand how these factors contribute to their overall tax liability.
Average Willowick Tax Bill
$2,034
Average Lake County Tax Bill
$1,087
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Willowick, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44095 | $183 | $1,321 | $2,034 | $4,372 | $7,973 |
Source: Ownwell