Lima, Ohio Property Taxes
The median property tax rate in Lima, OH is 1.52%, which is higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Lima at $87,015, the typical annual property tax bill reaches $1,162, falling below the national median of $2,690. Property taxes in Lima are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lima'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 Lima 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
Lima, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.52%
Estimate Property Tax Bill
$1,323
Ownwell’s Lima Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lima with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lima 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 Lima, Ohio
Property taxes in Lima, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lima is 1.52%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Lima set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lima 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 Lima's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45807 zip code has the highest median property tax rate of 1.52%, while the same 45807 zip code also has the lowest median tax rate of 1.52%. Understanding how these cities compare with Lima provides valuable insights into the varying tax landscape across Allen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lima Tax Rate
1.52%
Average Putnam County Tax Rate
1.30%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lima, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45807 | 1.33% | 1.40% | 1.52% | 1.64% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Lima, Ohio
In Lima, 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 Putnam 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 Lima, 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 Lima helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lima is $1,162 in zip code 45807, while the lowest median tax bill is also $1,162 in the same zip code.
Average Lima Assessed Value
$87,015
Average Putnam County Assessed Value
$132,830
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lima, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45807 | $31,779 | $52,492 | $87,015 | $121,538 | $142,251 |
Source: Ownwell
Property Tax Bills Across Lima, Ohio
In Lima, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors influencing the assessed value include the home's market value, location, and any improvements made to the property. For homeowners in Lima, this means that the median home price of $87,015 results in varying tax bills. For example, the 25th percentile tax bill is around $739, while the 75th percentile tax bill reaches approximately $1,586. At the higher end, the 90th percentile tax bill can be as much as $1,841. Comparatively, the highest median tax bill in the area is $1,162, found in the 45807 zip code. These property tax bills can significantly impact homeowners' annual expenses, making it crucial for them to understand how their tax obligations are determined and what factors may influence changes in their assessments.
Average Lima Tax Bill
$1,162
Average Putnam County Tax Bill
$1,712
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lima, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45807 | $484 | $739 | $1,162 | $1,586 | $1,841 |
Source: Ownwell