Lorain, Ohio Property Taxes
The median property tax rate in Lorain, OH is 1.79%, slightly lower than the Ohio state median of 1.80% but still considerably higher than the national median of 0.99%. With the median home value in Lorain at $75,820, the typical annual property tax bill reaches $1,313, which is below the national median of $2,690. Property taxes in Lorain 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 Lorain'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 Lorain 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
Lorain, 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 Lorain Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lorain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lorain 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 Lorain, Ohio
Property taxes in Lorain, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lorain is 1.79%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lorain set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lorain 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 Lorain's effective property tax rate to other areas in Ohio and the national median. For comparison, the 44035 zip code has the highest median property tax rate of 1.95%, while the 44053 zip code has the lowest median tax rate of 1.70%. Understanding how these areas compare with Lorain 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 Lorain Tax Rate
1.79%
Average Lorain County Tax Rate
1.82%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lorain, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44035 | 1.95% | 1.95% | 1.95% | 1.95% | 1.95% |
| 44052 | 1.27% | 1.79% | 1.79% | 1.83% | 1.83% |
| 44053 | 1.37% | 1.66% | 1.70% | 1.79% | 1.83% |
| 44054 | 1.79% | 1.79% | 1.79% | 1.79% | 1.79% |
| 44055 | 1.22% | 1.79% | 1.79% | 1.83% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Lorain, Ohio
In Lorain, 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 Lorain, 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. For instance, the highest median tax bill in Lorain is $1987 in zip code 44053, while the lowest is $179 in zip code 44035. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lorain Assessed Value
$75,820
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 Lorain, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44035 | $9,170 | $9,170 | $9,170 | $9,170 | $9,170 |
| 44052 | $42,028 | $56,560 | $74,035 | $92,250 | $125,962 |
| 44053 | $45,790 | $73,140 | $118,440 | $159,080 | $214,185 |
| 44054 | $38,140 | $38,140 | $38,140 | $38,140 | $38,140 |
| 44055 | $36,548 | $50,320 | $64,060 | $78,880 | $95,266 |
Source: Ownwell
Property Tax Bills Across Lorain, Ohio
In Lorain, OH, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors, such as property location, size, and market conditions, influence the assessed value. For homeowners in Lorain, the median home price is $75,820, which helps provide a baseline for tax calculations. The tax bill can vary significantly depending on where the property falls within the assessed value spectrum. For example, at the 25th percentile, the tax bill is approximately $958, while at the 75th percentile, it increases to about $1,878. For those at the 90th percentile, the tax bill can go up to $2,669. The highest median tax bill in Lorain is found in the 44053 zip code at $1,987, whereas the lowest median tax bill is $179 in the 44035 zip code. These variations can significantly impact homeowners' annual budgets, making it essential to understand how property taxes are calculated and what factors influence them.
Average Lorain Tax Bill
$1,313
Average Lorain County Tax Bill
$2,507
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lorain, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44035 | $179 | $179 | $179 | $179 | $179 |
| 44052 | $693 | $958 | $1,273 | $1,616 | $2,227 |
| 44053 | $762 | $1,241 | $1,987 | $2,649 | $3,565 |
| 44054 | $682 | $682 | $682 | $682 | $682 |
| 44055 | $568 | $832 | $1,110 | $1,387 | $1,713 |
Source: Ownwell