Ohio Property Tax 2023 - 2024

Property taxes are a form of local government revenue used to fund a variety of services for residents. They are levied on real estate by taxing subdivisions and based on its value. These funds are used for school districts, municipalities, fire districts, police departments, libraries, parks, and more. Property taxes can significantly burden homeowners and should be paid on time. If not, the owner may be subject to a tax lien on their property, which can make it difficult to sell or refinance. Ohio property tax rates are based on many factors and vary significantly between counties. A property tax rate is a percentage of a property’s assessed valuation and is calculated by the county auditor’s office.

How to Calculate Ohio Property Tax?

To calculate the amount of property tax owed, you must first determine the assessed value of your property and the local tax rate. You can find this information by accessing a reliable property tax calculator online. Once you have the relevant information, multiply your assessed value by the local millage rate to calculate the total property tax owed.

Homeowners can reduce their property tax bills by claiming exemptions, appealing their assessment, and using tax credits. However, it is important to understand these strategies before implementing them. By taking the time to understand these issues, homeowners can save hundreds or even thousands of dollars on their property tax bill. This is especially true as home values continue to rise across the state.

How Much is Ohio Property Tax?

Ohio property taxes are collected annually to fund crucial local services, such as education, public safety, and recreation. The amount homeowners are required to pay is based on the property’s appraised value, which is typically pegged at 35% of the home’s actual market value. However, a host of factors, such as varying county rates and appraisal cycles, can affect how much homeowners are billed each year.

• The average effective rate in Ohio is 1.41%. This means that for a house valued at $100,000, you might expect to pay around $1,410 per year in property taxes.

To determine what property tax you may owe, begin by determining the assessed value of your property, which is determined by the county auditor’s office. Then, find your local property tax rate, which is expressed in millage rates. One mill equals $1 of tax for every $1,000 assessed value.

If you believe your property’s assessed value is too high, you can contest it by filing a Board of Revision complaint during the informal value review process, which takes place in the fall of the reappraisal or triennial value update years. You must provide documentation supporting your claim, such as a professional appraisal or recent arm’s length sale.

Ohio Property Tax Due Dates

In Ohio, real property tax payments are due biannually. Generally, one half is due by December 31, and the other is due June 20. Failure to pay your property tax can result in late fees and interest charges. In addition, the county may place a tax lien on your property, which can make it difficult to sell or refinance your home. In extreme cases, unpaid property taxes can lead to foreclosure proceedings.