Taxes are determined by voters. The following lists the formulas that the State of Ohio has authorized for the calculation of property taxes.
Market Value x 35% = Assessed Value
Example: $100,000 x .35 = $35,000
(Assessed Value x Tax Rate)/1000 = Current Real Estate Tax/Year
Example: ($35,000 x 99.51)/1000 = $3,482.85
List of current and previous Tax Rates for Lucas County.
Current Tax x Reduction Factors = Reduction Credits
Provided by Ohio Law
Current Tax - Reduction Credits = Tax Subtotal
Tax Subtotal - Non-Business Credit = Net Taxes Per Year
Owner Occupied Credit
Net Tax + Special Assessments = Total Taxes Per Year
Total Tax / 2 = Current Half Tax Due