Valley City, Lorain County, Ohio Property Taxes
The median property tax rate in Valley City, OH is 1.71%, which is considerably higher than the national median of 0.99% but slightly lower than the Ohio state median of 1.80%. With a median home value of $302,430 in Valley City, the typical annual property tax bill reaches $5,055, significantly exceeding the national median of $2,690. Property taxes in Valley City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Valley City'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 Valley City 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
Valley City, Lorain County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$5,172
$4,799
Ownwell’s Valley City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Valley City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Valley City 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 Valley City, Lorain County, Ohio
Property taxes in Valley City, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Valley City is 1.71%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Valley City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Valley City 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 Valley City's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44280 zip code has the highest median property tax rate of 1.71%, while the 44280 zip code also has the lowest median tax rate of 1.71%. Understanding how these cities compare with Valley City 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 Valley City Tax Rate
1.71%
Average Lorain County Tax Rate
1.82%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Valley City, Lorain County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44280 | 1.71% | 1.71% | 1.71% | 1.72% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Valley City, Lorain County, Ohio
In Valley City, 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 Valley City, 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 Valley City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 44280, at $5,055.
Property Tax Assessment Values Across Valley City, Lorain County, Ohio
Source: Ownwell
$15,750
$159,090
$302,430
Average Valley City Assessed Value
$302,430
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 Valley City, Lorain County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44280 | $238,422 | $264,740 | $302,430 | $329,820 | $375,070 |
Source: Ownwell
Property Tax Bills Across Valley City, Lorain County, Ohio
In Valley City, Lorain County, Ohio, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $302,430. The local property tax rate is applied to the assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, and subsequently, the tax bill. Homeowners in Valley City typically see tax bills around $4,538 at the 25th percentile, $5,634 at the 75th percentile, and up to $6,531 at the 90th percentile. Comparatively, the national median property tax rate is 0.99%, making Valley City's rates relatively higher. This can significantly impact homeowners, as higher property taxes can affect monthly mortgage payments and overall housing affordability. Understanding these factors helps homeowners plan better for their financial obligations and potentially seek exemptions or appeals to lower their tax burden.
Average Valley City Tax Bill
$5,055
Average Lorain County Tax Bill
$2,507
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Valley City, Lorain County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44280 | $4,093 | $4,538 | $5,055 | $5,634 | $6,531 |
Source: Ownwell