South Amherst, Ohio Property Taxes
The median property tax rate in South Amherst, OH is 1.62%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in South Amherst at $124,520, the typical annual property tax bill reaches $1,920, which is below the national median of $2,690. Property taxes in South Amherst 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 South Amherst'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 South Amherst 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
South Amherst, 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 South Amherst Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Amherst with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Amherst 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 South Amherst, Ohio
Property taxes in South Amherst, Ohio, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in South Amherst is 1.62%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within South Amherst set these rates annually, and they can vary across different neighborhoods. Each year, South Amherst 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 South Amherst's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 44001 has the highest median property tax rate of 1.62%, while the same zip code also has the lowest median tax rate of 1.62%. Understanding how these figures compare with South Amherst 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 South Amherst Tax Rate
1.62%
Average Lorain County Tax Rate
1.82%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Amherst, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44001 | 1.31% | 1.59% | 1.62% | 1.64% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across South Amherst, Ohio
In South Amherst, 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 South Amherst, 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 South Amherst helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 44001 has both the highest and lowest median tax bills at $1,920.
Average South Amherst Assessed Value
$124,520
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 South Amherst, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44001 | $80,442 | $102,400 | $124,520 | $153,630 | $209,988 |
Source: Ownwell
Property Tax Bills Across South Amherst, Ohio
In South Amherst, 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, who evaluates the property's market value and then applies an assessment ratio. The resulting assessed value is then multiplied by the local property tax rate to determine the annual property tax bill. For example, with a median home price of $124,520, homeowners can expect property tax bills to vary significantly. The 25th percentile tax bill is around $1,584, while the 75th percentile reaches up to $2,454. For those in the 90th percentile, tax bills can be as high as $3,296. These variations illustrate how different factors such as property value and local tax rates can impact the overall tax burden on homeowners. Compared to the national median property tax rate of 0.99%, South Amherst's tax rates reflect the region's specific economic and policy environment, affecting how much residents pay annually.
Average South Amherst Tax Bill
$1,920
Average Lorain County Tax Bill
$2,507
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across South Amherst, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44001 | $1,193 | $1,584 | $1,920 | $2,454 | $3,296 |
Source: Ownwell