Lakewood, Wood County, Ohio Property Taxes
Median Lakewood, Ohio effective property tax rate: 2.03%, significantly higher than the national median of 1.02%, but lower than the Ohio state median of 1.80%. Median Lakewood, Ohio home value: $187,600. Median annual Lakewood, Ohio tax bill: $3,799, $1,399 higher than the national median property tax bill of $2,400.
How are property taxes in Wood County calculated?
Property taxes in Lakewood, Ohio are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Lakewood’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lakewood, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lakewood, Wood County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.03%
Estimate Property Tax Bill
$3,808
$3,534
Property Tax Rates Across Lakewood, Wood County, Ohio
Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. Although votes and laws are involved in setting tax rates and budgets, this is essentially the annual process.
In Lakewood, located in Cuyahoga County, Ohio, the effective property tax rate is a crucial factor for homeowners. The rate here significantly exceeds the national median of 1.02%. Such a high rate can impact homeowners' finances, making it essential to explore potential exemptions or appeals. Compared to other cities in Ohio and the broader U.S., Lakewood's property tax rate is on the higher end of the spectrum. This highlights the importance of understanding local tax dynamics and seeking professional assistance to navigate potential savings. By comparing Lakewood's property tax rate to other cities in Ohio and the national median, homeowners can better assess their financial situation and make informed decisions.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lakewood Tax Rate
2.03%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Wood County Tax Rate
1.62%
Median Effective Ohio Tax Rate
1.80%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lakewood, Wood County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44107 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Lakewood, Wood County, Ohio
When examining property taxes in Lakewood, Ohio, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Wood County Appraisal District estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Wood County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lakewood. For example, the median home price in Lakewood is $187,600, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Lakewood, Wood County, Ohio
Source: Ownwell
$14,750
$135,175
$255,600
Median Lakewood Market Value
$187,600
Median Wood County Market Value
$163,900
Median Ohio Market Value
$133,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lakewood, Wood County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44107 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Lakewood, Wood County, Ohio
In Lakewood, Ohio, property tax bills are determined by the assessed value of a home, which is a percentage of its market value. With a median home price of $187,600, the tax bill for many homeowners in Lakewood can be substantial. The property tax rate in this area is higher than the national median, resulting in a tax bill of approximately $3,799 for most homeowners, which is significantly above the national median property tax bill of $2,400. This high tax bill can place a financial burden on homeowners, impacting their overall financial planning and homeownership costs.
Factors such as changes in home values and local tax rates can influence the final tax bill. Ownwell offers a solution for Lakewood homeowners by providing property tax appeal and exemption services. By leveraging their expertise, Ownwell can help homeowners potentially reduce their tax bills, ensuring they only pay their fair share. This can lead to significant savings and alleviate the financial strain associated with high property taxes.
Median Lakewood Tax Bill
$3,799
Median Wood County Tax Bill
$2,615
Median Ohio Tax Bill
$2,396
Median United States Tax Bill
$2,400
Property Tax Bills Across Lakewood, Wood County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44107 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell