Lake Health

Lake County Ohio records

Ohio law requires a general reappraisal of all real property every six years with an update during the third year after the reappraisal. The figures presented here are based on official records and are as accurate as we can make them, but other factors may exist that affect how much property tax must be paid.

Market Value

Market value is the amount a property would sell for in a competitive and open market, presuming that both buyer and seller are knowledgeable about the sale, allow sufficient time for it, and are not affected by undue pressures (e.g. foreclosures and bankruptcy).

Assessed Value

Assessed value in Lake County is usually calculated by multiplying market value by the county's predetermined ratio, which currently is: 35%.

Property Tax

Property tax is calculated by multiplying the assessed value with the corresponding tax rates. The rates are expressed as millages (i.e the actual rates multiplied by 1000). This tax may be reduced by various reductions, for instance the reduction factor or homestead exemption and tax rollback. Current tax represents the amount the present owner pays including exemptions and special assessments.
Base tax is an estimate of what an owner not benefiting from any exemptions would pay. Actual taxes might differ from the figures displayed here due to various abatement and financial assistance programs.

Source: www.propertyshark.com
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