Spencer, Ohio Property Taxes
The median property tax rate in Spencer, OH is 1.64%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Spencer, the typical annual property tax bill reaches $3,973, exceeding the national median of $2,690. Property taxes in Spencer 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 Spencer'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 Spencer 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
Spencer, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$4,001
$3,713
Ownwell’s Spencer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencer 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 Spencer, Ohio
Property taxes in Spencer, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spencer is 1.64%, significantly higher than the U.S. national median of 0.99%. Local government entities within Spencer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spencer 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 Spencer's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44275 zip code has the highest median property tax rate of 1.64%, while the same zip code also has the lowest median tax rate of 1.64%. Understanding how these cities compare with Spencer 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 Spencer Tax Rate
1.64%
Average Lorain County Tax Rate
1.82%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spencer, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44275 | 1.49% | 1.63% | 1.64% | 1.76% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Spencer, Ohio
In Spencer, 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 Spencer, 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 Spencer is $243,950, with tax bills ranging from $2,939 at the 25th percentile to $5,250 at the 90th percentile. The highest median tax bill in the area is $3,973 in the 44275 zip code. Being aware of these valuation processes in Spencer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spencer Assessed Value
$243,950
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 Spencer, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44275 | $83,530 | $171,560 | $243,950 | $280,532 | $321,705 |
Source: Ownwell
Property Tax Bills Across Spencer, Ohio
In Spencer, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the Lorain County Assessor's Office. The assessed value typically represents a percentage of the property's market value. Once the assessed value is established, local tax rates are applied to calculate the annual property tax bill. These rates are set by various taxing entities such as school districts, municipalities, and special districts, and can vary significantly. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the median home price in Spencer is $243,950, leading to varying tax bills across different percentiles. Homeowners in the 25th percentile pay around $2,939, while those in the 75th percentile see bills closer to $4,579. At the 90th percentile, the tax bill can reach up to $5,250. Compared to the national median property tax rate of 0.99%, Spencer's rates reflect the local economic conditions and funding requirements, impacting homeowners' financial planning and housing affordability.
Average Spencer Tax Bill
$3,973
Average Lorain County Tax Bill
$2,507
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencer, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44275 | $1,691 | $2,939 | $3,973 | $4,579 | $5,250 |
Source: Ownwell