Lowell, Ohio Property Taxes
The median property tax rate in Lowell, Ohio is 1.95%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Lowell, the typical annual property tax bill reaches $2,336, slightly below the national median of $2,690. Property taxes in Lowell 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 Lowell'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 Lowell 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
Lowell, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.95%
Estimate Property Tax Bill
$2,341
$2,173
Ownwell’s Lowell Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lowell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lowell 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 Lowell, Ohio
Property taxes in Lowell, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowell is 1.95%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lowell set these rates annually, and they can vary across different neighborhoods. Each year, Lowell 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 Lowell's effective property tax rate to other areas in Noble County and the national median. For comparison, the 45744 zip code has the highest median property tax rate of 1.95%, while the same zip code also has the lowest median tax rate of 1.95%. Understanding how these areas compare with Lowell provides valuable insights into the varying tax landscape across Noble County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lowell Tax Rate
1.95%
Average Noble County Tax Rate
1.86%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowell, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45744 | 1.95% | 1.95% | 1.95% | 1.95% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Lowell, Ohio
In Lowell, 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 Noble 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 Lowell, 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 Lowell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Lowell is $2,336 in the 45744 zip code, matching the lowest median tax bill in the same zip code.
Average Lowell Assessed Value
$120,060
Average Noble County Assessed Value
$69,955
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lowell, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45744 | $59,156 | $85,160 | $120,060 | $170,315 | $211,158 |
Source: Ownwell
Property Tax Bills Across Lowell, Ohio
In Lowell, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The median home price in Lowell is $120,060, and the property tax rate is applied to this assessed value. Factors such as property location, size, and improvements can influence the assessed value. Homeowners in Lowell typically see a range of property tax bills. For instance, the 25th percentile tax bill is approximately $1,657, while the 75th percentile tax bill reaches around $3,314. At the 90th percentile, the tax bill can go up to $4,109. These figures are influenced by the assessed value and the tax rate set by local authorities. Compared to the national median property tax rate of 0.99%, Lowell's property taxes can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Lowell Tax Bill
$2,336
Average Noble County Tax Bill
$1,279
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowell, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45744 | $1,151 | $1,657 | $2,336 | $3,314 | $4,109 |
Source: Ownwell