Holloway, Ohio Property Taxes
The median property tax rate in Holloway, OH is 1.67%, which is significantly higher than the national median of 0.99% but slightly lower than the Ohio state median of 1.80%. With a median home value of $16,435 in Holloway, the typical annual property tax bill is $270, which is considerably lower than the national median of $2,690. Property taxes in Holloway are calculated based on the assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Holloway'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 Holloway 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
Holloway, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Holloway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holloway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holloway 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 Holloway, Ohio
Property taxes in Holloway, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holloway is 1.67%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Holloway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holloway 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 Holloway's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43985 zip code has both the highest and lowest median property tax rate of 1.67%. Understanding how these cities compare with Holloway provides valuable insights into the varying tax landscape across Belmont County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holloway Tax Rate
1.67%
Average Belmont County Tax Rate
1.29%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holloway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43985 | 1.63% | 1.65% | 1.67% | 1.68% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Holloway, Ohio
In Holloway, Ohio, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is 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 Belmont County 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 Holloway, 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 Holloway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $270.00 in zip code 43985, while the lowest median tax bill is also $270.00 in the same zip code, reflecting a consistent tax burden across the region.
Average Holloway Assessed Value
$16,435
Average Belmont County Assessed Value
$74,065
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holloway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43985 | $1,083 | $2,170 | $16,435 | $26,725 | $39,779 |
Source: Ownwell
Property Tax Bills Across Holloway, Ohio
In Holloway, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Various factors influence this assessed value, including the market value of similar properties in the area, the condition of the home, and any improvements made to the property. For homeowners, this means that changes in the housing market or property modifications can significantly impact their tax bills. In Holloway, the median home price is $16,435, resulting in varying tax bills across different percentiles. For example, the 25th percentile tax bill is $33, while the 75th percentile reaches $443, and the 90th percentile can go up to $657. Compared to the national median property tax rate of 0.99%, Holloway's property taxes can be relatively modest, but they still represent a crucial expense for homeowners to consider.
Average Holloway Tax Bill
$270
Average Belmont County Tax Bill
$992
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Holloway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43985 | $14 | $33 | $270 | $443 | $657 |
Source: Ownwell