Waterloo, Ohio Property Taxes
The median property tax rate in Waterloo, Ohio is 1.01%, slightly higher than the national median of 0.99% but significantly lower than the Ohio state median of 1.80%. With the median home value in Waterloo at $28,800, the typical annual property tax bill amounts to $292, well below the national median of $2,690. Property taxes in Waterloo are based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Waterloo's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Waterloo or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waterloo, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Waterloo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterloo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterloo 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 Waterloo, Ohio
Property taxes in Waterloo, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterloo is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Waterloo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterloo 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 Waterloo's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 45688 has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Waterloo provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waterloo Tax Rate
1.01%
Average Lawrence County Tax Rate
1.02%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterloo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45688 | 0.72% | 0.98% | 1.01% | 1.07% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Waterloo, Ohio
In Waterloo, 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 local 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 Waterloo, 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 Waterloo 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 $292 in the 45688 zip code, which also happens to have the lowest median tax bill.
Average Waterloo Assessed Value
$28,800
Average Lawrence County Assessed Value
$85,530
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waterloo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45688 | $8,724 | $13,700 | $28,800 | $78,025 | $120,398 |
Source: Ownwell
Property Tax Bills Across Waterloo, Ohio
In Waterloo, property tax bills are calculated based on the assessed value of a home, which is determined by the Lawrence County assessor's office. This assessed value is a percentage of the property's market value. For homeowners in Waterloo, the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, its assessed value, and any applicable exemptions or deductions. The median home price in Waterloo is $28,800, and property tax bills can vary significantly. At the 25th percentile, homeowners might see a tax bill of around $143, while those at the 75th percentile could pay approximately $700. For those in the 90th percentile, the tax bill can reach up to $1,206. These figures highlight the range of property tax obligations that homeowners in Waterloo might face, which can impact their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, Waterloo's property tax rates offer a unique perspective on local tax burdens.
Average Waterloo Tax Bill
$292
Average Lawrence County Tax Bill
$879
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterloo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45688 | $79 | $143 | $292 | $700 | $1,206 |
Source: Ownwell