Lakemore, Ohio Property Taxes
The median property tax rate in Lakemore, OH is 1.56%, which is considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Lakemore at $83,070, the typical annual property tax bill reaches $1,260, falling below the national median of $2,690. Property taxes in Lakemore are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lakemore'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 Lakemore 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
Lakemore, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$1,296
$1,203
Ownwell’s Lakemore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakemore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakemore 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 Lakemore, Ohio
Property taxes in Lakemore, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakemore is 1.56%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Lakemore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakemore 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 Lakemore's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44250 zip code 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 cities compare with Lakemore provides valuable insights into the varying tax landscape across Summit County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakemore Tax Rate
1.56%
Average Summit County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakemore, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44250 | 1.12% | 1.53% | 1.56% | 1.60% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Lakemore, Ohio
In Lakemore, 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 Summit 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 Lakemore, 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 Lakemore 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 44250, with a median tax bill of $1,260.
Average Lakemore Assessed Value
$83,070
Average Summit County Assessed Value
$168,880
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakemore, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44250 | $52,476 | $66,450 | $83,070 | $103,920 | $154,162 |
Source: Ownwell
Property Tax Bills Across Lakemore, Ohio
In Lakemore, located in Summit County, OH, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value determined by the county assessor. For instance, if the median home price is $83,070, the assessed value will be a fraction of this amount. The local tax rate is then applied to the assessed value to determine the annual tax bill. Factors such as property location, improvements, and market conditions play a role in the assessed value. Homeowners in Lakemore can expect their tax bills to vary significantly. For example, tax bills at the 25th percentile are around $985, while those at the 75th percentile reach approximately $1,603. At the 90th percentile, tax bills can soar to $2,346. These figures illustrate the range of potential tax liabilities, influenced by property values and local tax rates. This variability highlights the importance of understanding property assessments and tax rates to anticipate financial obligations.
Average Lakemore Tax Bill
$1,260
Average Summit County Tax Bill
$2,683
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakemore, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44250 | $544 | $985 | $1,260 | $1,603 | $2,346 |
Source: Ownwell