Buckeye Lake, Licking County, Ohio Property Taxes
The median property tax rate in Buckeye Lake, OH is 2.97%, significantly higher than both the national median of 0.99% and the Ohio state median of 1.80%. With a median home value of $65,400 in Buckeye Lake, the typical annual property tax bill amounts to $2,068, which is below the national median of $2,690. Property taxes in Buckeye Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Buckeye Lake'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 Buckeye Lake 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
Buckeye Lake, Licking County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.97%
Estimate Property Tax Bill
$1,942
$1,802
Ownwell’s Buckeye Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buckeye Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buckeye Lake 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 Buckeye Lake, Licking County, Ohio
Property taxes in Buckeye Lake, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buckeye Lake is 2.97%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Buckeye Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buckeye Lake 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 Buckeye Lake's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 43008 has the highest median property tax rate of 2.97%, while the same zip code also has the lowest median tax rate of 2.97%. Understanding how these cities compare with Buckeye Lake provides valuable insights into the varying tax landscape across Licking County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buckeye Lake Tax Rate
2.97%
Average Licking County Tax Rate
2.22%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buckeye Lake, Licking County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43008 | 2.97% | 2.97% | 2.97% | 2.97% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Buckeye Lake, Licking County, Ohio
In Buckeye Lake, 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 Licking County Auditor 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 Buckeye Lake, 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. The median home price in Buckeye Lake is $65,400, and knowing these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,068, found in zip code 43008.
Property Tax Assessment Values Across Buckeye Lake, Licking County, Ohio
Source: Ownwell
$7,100
$149,200
$291,300
Average Buckeye Lake Assessed Value
$65,400
Average Licking County Assessed Value
$163,800
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buckeye Lake, Licking County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43008 | $3,000 | $18,000 | $65,400 | $152,450 | $294,400 |
Source: Ownwell
Property Tax Bills Across Buckeye Lake, Licking County, Ohio
In Buckeye Lake, located in Licking County, OH, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local tax assessor and is usually a percentage of the market value. Several factors influence this valuation, including property size, location, and condition. Homeowners in Buckeye Lake experience varying tax bills, with the 25th percentile at $726 and the 75th percentile reaching $4,705. For those at the 90th percentile, tax bills can be as high as $8,808. These figures highlight the significant range in property tax bills within the area, influenced by the diverse property values and assessments. The median home price in Buckeye Lake is $65,400, which is relatively low compared to national figures. This impacts the overall tax burden on homeowners, making it crucial for property owners to understand how their tax bills are determined. By staying informed, homeowners can better anticipate their annual tax obligations and plan accordingly.
Average Buckeye Lake Tax Bill
$2,068
Average Licking County Tax Bill
$3,689
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Buckeye Lake, Licking County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43008 | $144 | $726 | $2,068 | $4,705 | $8,808 |
Source: Ownwell