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Saturday, November 23, 2024

Analysis: Lorain County effective property tax rates outpaced the national average in Q2 2023

Realestate5

Property owners in Lorain County paid 1.6% of the value of their homes in property taxes in the second quarter of 2023, which is more than 1.5 times the national average, according to the real estate analysis posted by West Cleveland News.

The median sales price of a Lorain County home in the second quarter of 2023 was $177,000, based on data from the 433 properties sold during that time. In 2023, the median tax bill for the county was $2,891, which is 1.6% of the median value of the homes that were taxed.

This is 1.5 times higher than the average effective property tax rate of 1.11% in the U.S. in 2023.

The analysis of Lorain County real estate data showed homeowners in Eaton Estates, Sheffield, and LaGrange paid the highest rates.

The above article calculates the effective property tax rate for 2023 using estimated inflation values and 2021 tax data provided by the county. In some cases, the actual effective property tax rate may vary slightly.

The following table compares Eaton Estates with some other cities belonging to Lorain County by their median effective property tax rate, calculated using sales and property tax data from the second quarter of 2023.

CityQ2 2023 SalesQ2 2023 Median PriceMedian tax 2023Effective tax rate
Eaton Estates5$70,000$2,0042.9%
Sheffield5$237,000$4,3371.8%
LaGrange7$225,000$4,1241.8%
Vermilion15$182,000$3,0131.7%
Avon Lake47$289,900$4,9031.7%
Avon30$370,000$6,4481.7%
Pheasant Run2$158,000$2,7391.7%
Grafton6$214,500$3,6681.7%
Sheffield Lake17$168,000$2,6891.6%
Oberlin7$197,500$3,2451.6%
Elyria92$141,200$2,2891.6%
Columbia Station4$255,000$4,0321.6%
Wellington6$197,500$3,0711.6%
North Ridgeville42$267,000$3,9041.5%
Lorain110$122,000$1,6291.3%
South Amherst3$172,000$2,2881.3%
Penfield Junction2$165,000$1,9551.2%
Amherst29$283,000$3,0681.1%

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