Polk, Ohio Property Taxes
The median property tax rate in Polk, Ohio is 1.31%, considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Polk, the typical annual property tax bill reaches $1,409, which is below the national median of $2,690. Property taxes in Polk are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Polk's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Polk or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Polk, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$1,410
Ownwell’s Polk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Polk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Polk to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Polk, Ohio
Property taxes in Polk, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Polk is 1.31%, significantly higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Polk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Polk estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Polk's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44866 zip code has the highest median property tax rate of 1.31%, while the 44866 zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Polk provides valuable insights into the varying tax landscape across Ashland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Polk Tax Rate
1.31%
Average Ashland County Tax Rate
1.52%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Polk, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44866 | 1.01% | 1.25% | 1.31% | 1.40% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Polk, Ohio
In Polk, Ohio, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Polk, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Polk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Polk is found in zip code 44866, amounting to $1409.
Average Polk Assessed Value
$107,630
Average Ashland County Assessed Value
$108,690
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Polk, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44866 | $24,857 | $68,275 | $107,630 | $151,078 | $191,929 |
Source: Ownwell
Property Tax Bills Across Polk, Ohio
In Polk, located in Ashland County, OH, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The assessed value is typically a percentage of the market value, determined by local tax assessors. In this region, homeowners experience a range of property tax bills. For instance, the 25th percentile tax bill is around $870, indicating that a quarter of the homeowners pay less than this amount annually. Conversely, the 75th percentile tax bill is approximately $1971, meaning three-quarters of homeowners pay less than this amount. At the higher end, the 90th percentile tax bill reaches up to $2505. These tax bills are influenced by various factors including the home's assessed value, local tax rates, and any applicable exemptions. For homeowners, understanding these elements is crucial as they impact the annual financial obligations tied to property ownership. Compared to the national median property tax rate of 0.99%, Polk's property tax rates reflect the local economic and market conditions, affecting how much residents pay each year.
Average Polk Tax Bill
$1,409
Average Ashland County Tax Bill
$1,522
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Polk, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44866 | $298 | $870 | $1,409 | $1,971 | $2,505 |
Source: Ownwell