Kipton, Ohio Property Taxes
The median property tax rate in Kipton, OH is 1.84%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Kipton at $80,950, the typical annual property tax bill reaches $1,464, which is lower than the national median of $2,690. Property taxes in Kipton are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kipton'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 Kipton or another part of Lorain County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kipton, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.84%
Estimate Property Tax Bill
$1,489
$1,382
Ownwell’s Kipton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kipton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kipton 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 Kipton, Ohio
Property taxes in Kipton, Ohio, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Kipton is 1.84%, which is higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Kipton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kipton 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 Kipton's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44049 zip code has the highest median property tax rate of 1.84%, while the same zip code also has the lowest median tax rate of 1.84%. Understanding how these cities compare with Kipton provides valuable insights into the varying tax landscape across Lorain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kipton Tax Rate
1.84%
Average Lorain County Tax Rate
1.82%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kipton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44049 | 1.32% | 1.82% | 1.84% | 1.88% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Kipton, Ohio
In Kipton, 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 Lorain 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 Kipton, 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 Kipton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 44049, with a median of $1,464, which also happens to be the lowest median tax bill in the area.
Average Kipton Assessed Value
$80,950
Average Lorain County Assessed Value
$141,300
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kipton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44049 | $20,276 | $59,660 | $80,950 | $105,950 | $141,080 |
Source: Ownwell
Property Tax Bills Across Kipton, Ohio
Property tax bills in Kipton, located in Lorain County, OH, are determined by several key factors that ultimately impact homeowners. The process begins with the assessed value of the property, which is a percentage of its market value. Local tax rates, set by various taxing authorities, are then applied to this assessed value to calculate the tax bill. In Kipton, the median home price stands at $80,950. Homeowners in this city can expect a range of property tax bills, with the 25th percentile at $928 and the 75th percentile at $1,907. For those in the 90th percentile, tax bills can reach up to $2,575. Comparatively, the median property tax rate in Kipton is higher than the national median of 0.99%. This means homeowners in Kipton may face relatively higher property tax bills, which can significantly affect their annual budgeting and long-term financial planning. Understanding these factors helps homeowners anticipate their tax obligations and make informed decisions about property ownership.
Average Kipton Tax Bill
$1,464
Average Lorain County Tax Bill
$2,507
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Kipton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44049 | $334 | $928 | $1,464 | $1,907 | $2,575 |
Source: Ownwell