Fort Loramie, Shelby County, Ohio Property Taxes
The median property tax rate in Fort Loramie, OH is 1.56%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Fort Loramie, the typical annual property tax bill reaches $2,705, slightly exceeding the national median of $2,690. Property taxes in Fort Loramie 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 Fort Loramie'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 Fort Loramie 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
Fort Loramie, Shelby County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$2,721
$2,525
Ownwell’s FORT LORAMIE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FORT LORAMIE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FORT LORAMIE 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 Fort Loramie, Shelby County, Ohio
Property taxes in Fort Loramie, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Loramie is 1.56%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Fort Loramie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Loramie 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 Fort Loramie's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 45845 has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these areas compare with Fort Loramie provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fort Loramie Tax Rate
1.56%
Average Shelby County Tax Rate
1.56%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Loramie, Shelby County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45845 | 1.30% | 1.47% | 1.56% | 1.64% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Fort Loramie, Shelby County, Ohio
In Fort Loramie, 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 Shelby 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 Fort Loramie, 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 Fort Loramie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fort Loramie is $174,450, with tax bills ranging from $1,896 at the 25th percentile to $5,772 at the 90th percentile. The zip code 45845 has both the highest and lowest median tax bill at $2,705.
Property Tax Assessment Values Across Fort Loramie, Shelby County, Ohio
Source: Ownwell
$36,790
$130,888
$224,985
Average Fort Loramie Assessed Value
$174,450
Average Shelby County Assessed Value
$119,350
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fort Loramie, Shelby County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45845 | $49,608 | $121,680 | $174,450 | $282,640 | $392,258 |
Source: Ownwell
Property Tax Bills Across Fort Loramie, Shelby County, Ohio
In Fort Loramie, located in Shelby County, OH, property tax bills are calculated based on the property's assessed value and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. Factors such as location, property size, and home improvements play a crucial role in this valuation. Homeowners in Fort Loramie can expect varying tax bills, with the 25th percentile at $1,896 and the 75th percentile reaching $4,248. For those at the 90th percentile, tax bills can go up to $5,772. The highest median tax bill in the area is recorded at $2,705 in the 45845 zip code. These property taxes fund essential local services, including schools, emergency services, and infrastructure maintenance. While the median property tax rate nationally stands at 0.99%, the specific rate in Fort Loramie can impact homeowners significantly, influencing their overall cost of living and financial planning. Understanding these factors can help homeowners better prepare for their annual tax obligations.
Average Fort Loramie Tax Bill
$2,705
Average Shelby County Tax Bill
$1,867
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Loramie, Shelby County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45845 | $809 | $1,896 | $2,705 | $4,248 | $5,772 |
Source: Ownwell