Property Taxes….how does Lake County stack up?

shocked look image on baby  shocked look image  shocked looked image 2

We have to admit we were shocked to when we compared the Lake County average property taxes against the State of Ohio averages.  Let us first define the word “median” since it is different than average.

Median Definition: “denoting or relating to a value or quantity lying at the midpoint of a frequency distribution of observed values or quantities, such that there is an equal probability of falling above or below it.” (LFC Comment: In other words, right in the middle.)

In a previous article, we reported the following property tax statistics for the State of Ohio:

State of Ohio #39th highest out of 51 (Including District of Columbia)
Average Real Estate Effective Tax Rate: 1.57%
Average Median Home Value:  $135,100
Average Tax on Avg. Median Home Value:  $2,124
Average Annual Taxes on Home Valued at $194,000:  $3,042

Here are statistics based on the 2018 Lake County Median Home Values, Tax Rates, and Annual Property Tax by Taxing District as provided by the Lake County Auditor’s office:

For comparison purposes here are the 2018 Lake County averages:

Average Tax Rate: 2.00%
Average Median Home Value is $153,645
Average Tax on Avg. Median Home Value:  $3,072
Average Property Taxes on a Home Valued at $194,000:  $3,880

What does this mean to the average taxpayer?

Lake County is paying $948 more in annual taxes than the average taxpayer in the State of Ohio. [$3,072 – $2,124] That is as a result of the higher tax rate and higher median home value.

If we apply the State average effective tax rate to our median home value our annual tax would be $2,412 [$153,645 x 1.57%]  Therefore, we are paying $660 more each year on average [$3,072 – $2,412}, which is 27.4% [$660 / $2,412]or [$153,645 x (2.0% – 1.57%)] higher than the State average effective tax rate. 

The remaining ~$288 increase is due to the higher property values.  [($153,645 – $135,100) x 1.57%]

Are you still with me?  Now that we have totally confused everyone, you can determine how your home compares to the averages by looking at this chart below.  You will need to know your taxing district. Ok, who out there does not know their taxing district?

We will say it again, if property taxes continue to increase, we are on a path to price seniors and those living on fixed incomes out of their homes.  We are also starting to realize that property taxes are also going to be a stumbling block for younger generations as they select where they want to start to raise a family.

2018 Lake County Median Values for Property Tax

 



Categories: Lake County, Real Estate Taxes, Uncategorized

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2 replies

  1. All that money spent to bring young families into Lake County…this is what the Port Authority is saying…most important project we’ve EVER done Rantala said…I think I read that in one of the Better Flop articles. It is shocking to me that Jerry Cirino and Mayor Regovich still support that disaster and start looking at the REALITY…THE TRUTH of what exists.

    Lake County is taxing it’s citizens to death. Seniors will have to leave Lake County or their houses will be foreclosed on. This taxing policy will force generations of families to live together in one home…like the Gangs of New York days. Young families already here are struggling to have their kids in daycare, making 2 car payments and mortgage too. Those without kids will put off having children because they can’t afford to have kids and live in Lake County. Those thinking people…those are the people we want procreating…the responsible people who pay their way instead of having welfare babies.

    The property tax path…look at the history. It is simply not sustainable and the Commissioners…all three…need to wake up on this. Has LFC looked at what kind of development is occurring in Lake County? Is it commercial? Is it industrial? Or is it residential? Something’s gotta give…this is madness.

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    • We do not have the statistics on the amount of residential versus commercial property being established in Lake County. We have personally witnessed significant commercial buildings being built in Mentor, and in Concord, but we do not know the tax impact into the community. Another huge factor that will negatively impact Lake County is the possible closing of the Perry Nuclear Plant. The County lost $5 million in property taxes because of the devaluation of the Plant’s assets, but we are not sure the total impact if they close completely. We have asked that question of the commissioners, but they do not know at this time. Of course, there will also be the economic impact of lost jobs, and spending in the community , and the subsequent reduction in sales tax revenue if it occurs.

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