Property Taxes ……When is enough – enough?

As we continue to try to educate taxpayers about ever increasing real estate taxes (also called property taxes), we thought  that this information might be helpful.

Did you ever hear a real estate agent mention that the property taxes on the home you are thinking about buying are ONLY 1.75%.  Well, what does that exactly mean?  When you do not know the effective tax millage, another easier way to determine your annual property tax is to multiply the home’s “appraised value” by the “effective tax rate”.

For example, if the house your are contemplating on buying is valued at $300,000 and the effective tax rate is 1.75%, then annual property taxes will be ~$5,250.00 before any individual credits. [$300,000 x .0175]

If you want to determine what your current home’s effective tax rate is, here is a way to determine it.

All you have to do is divide your annual tax bill by the market value (listed as the total appraised value on your tax bill) of your property. So, if you own a property worth $300,000 and your annual tax bill is $6,000.00, then your individual effective tax rate is 2.0%.

How does your % stack up against other property in Lake County? We have prepared the following worksheet based on data received from the Lake County Auditor’s Office. This schedule is based on tax rates prior to the May 2018 election where we passed (sigh) more property taxes.  We will try to get an updated list from the Auditor’s office when it is available, and will update this post.

Effective Tax Rate Comparison

(Comment: I am quickly coming to the realization that there are no “low property tax” municipalities in Lake County.  It appears that there few options for seniors that are being priced out of their homes. They can downsize and live in a much smaller footprint, but still pay exorbitant  property taxes that are ONLY going to go up.  Whether the increases are due to inflation, increased payroll and profits for  “non-profits”, or an ever increasing governmental bureaucracy, it makes no difference to those on fixed income. )

[Note to self:  look into purchasing a camper, a P.O. Box, and whether living in Wal-Mart’s parking lot is permissible.]

Here is a link to the Lake County Auditor’s website that provides a handy calculator to determine property taxes.  All you need to know is your taxing district.

Thanks to a website for the following statistics:

How high are property taxes in Ohio?

Moderately high. The average effective property tax rate in Ohio is 1.56%, higher than the national average. That said, home prices and overall housing costs in Ohio are close to the national averages. The median home value in the state is $131,900 and housing costs are 1.8% higher than the national average.

What is the Ohio homestead exemption?

The Ohio homestead exemption reduces the property taxes owed by qualifying seniors in Ohio. To be eligible, a homeowner must be at least 65 years old and have Ohio Adjusted Gross Income (OAGI) of no more than $32,200 in 2018. You can also qualify for the exemption if you are permanently disabled or if you are the surviving spouse of someone who previously received the exemption.

The exemption is equal to $25,000 off the market value for the purposes of taxation. For example, if your home value is $150,000, only $125,000 of that is taxable after the exemption. According to the Ohio Department of Taxation, this equals average savings of about $435 per eligible homeowner.


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