Nova, Ohio Property Taxes
The median property tax rate in NOVA, OH is 1.41%, which is considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in NOVA, the typical annual property tax bill reaches $3,098, significantly exceeding the national median of $2,690. Property taxes in NOVA 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 NOVA'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 NOVA 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
Nova, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$3,120
$2,895
Ownwell’s NOVA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NOVA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NOVA 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 Nova, Ohio
Property taxes in NOVA, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in NOVA is 1.41%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within NOVA set these rates annually, and they can vary significantly across different neighborhoods. Each year, NOVA 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 NOVA's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44859 zip code has the highest median property tax rate of 1.41%, while the 44859 zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with NOVA 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 Nova Tax Rate
1.41%
Average Lorain County Tax Rate
1.82%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nova, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44859 | 1.40% | 1.40% | 1.41% | 1.41% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Nova, Ohio
In NOVA, 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 NOVA, 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 highest median tax bill in NOVA is $3,098 in zip code 44859. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Nova Assessed Value
$221,280
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 Nova, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44859 | $125,080 | $166,420 | $221,280 | $250,220 | $267,180 |
Source: Ownwell
Property Tax Bills Across Nova, Ohio
In NOVA, located in Lorain County, OH, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. For instance, with a median home price of $221,280 in NOVA, the tax bill can vary significantly depending on the exact assessed value and applicable exemptions. Homeowners in NOVA typically see property tax bills ranging from $2,343 at the 25th percentile to $3,418 at the 75th percentile. Those at the 90th percentile experience tax bills as high as $3,739. These figures highlight the variability in tax burdens depending on property values and assessment practices. Compared to the national median property tax rate of 0.99%, the tax rates in Lorain County can result in higher-than-average tax bills. This can impact homeowners by increasing their annual housing costs, making it essential for them to understand how assessments and local tax rates influence their financial obligations.
Average Nova Tax Bill
$3,098
Average Lorain County Tax Bill
$2,507
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Nova, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44859 | $1,788 | $2,343 | $3,098 | $3,418 | $3,739 |
Source: Ownwell