Lake Milton, Ohio Property Taxes
The median property tax rate in Lake Milton, OH is 1.86%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With a median home value in Lake Milton of $96,365, the typical annual property tax bill reaches $1,637, which is below the national median of $2,690. Property taxes in Lake Milton 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 Lake Milton'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 Lake Milton or another part of Mahoning County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Milton, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.86%
Estimate Property Tax Bill
$1,792
Ownwell’s Lake Milton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Milton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Milton 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 Lake Milton, Ohio
Property taxes in Lake Milton, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Milton is 1.86%, significantly higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Lake Milton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Milton 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 Lake Milton's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44429 zip code has the highest median property tax rate of 1.86%, while the 44429 zip code also has the lowest median tax rate of 1.86%. Understanding how these cities compare with Lake Milton provides valuable insights into the varying tax landscape across Mahoning County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Milton Tax Rate
1.86%
Average Mahoning County Tax Rate
1.98%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Milton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44429 | 1.56% | 1.71% | 1.86% | 1.90% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Lake Milton, Ohio
In Lake Milton, 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 Mahoning County Auditor 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 Lake Milton, 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 Lake Milton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 44429 has the highest and lowest median tax bill of $1,637. The 25th percentile tax bill is $868, the 75th percentile is $3,685, and the 90th percentile is $6,167.
Average Lake Milton Assessed Value
$96,365
Average Mahoning County Assessed Value
$80,890
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Milton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44429 | $23,838 | $52,282 | $96,365 | $200,258 | $333,991 |
Source: Ownwell
Property Tax Bills Across Lake Milton, Ohio
In Lake Milton, property tax bills are calculated based on the assessed value of a home, which is determined by the Mahoning County Auditor. The assessed value is typically a percentage of the property's market value. Factors such as the property's location, size, and condition are considered to estimate this value. The local tax rate is then applied to the assessed value to determine the annual tax bill. For instance, the median home price in Lake Milton is $96,365. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $868 and the 75th percentile reaching $3,685. At the higher end, the 90th percentile tax bill can be as much as $6,167. These figures indicate a wide range of possible tax burdens, influenced by both property values and the specific tax rates applied. This variability underscores the importance for homeowners to understand their property's assessed value and the local tax rate to anticipate their annual tax obligations accurately.
Average Lake Milton Tax Bill
$1,637
Average Mahoning County Tax Bill
$1,534
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Milton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44429 | $394 | $868 | $1,637 | $3,685 | $6,167 |
Source: Ownwell