Fairview Park, Ohio Property Taxes
The median property tax rate in Fairview Park, OH is 2.74%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Fairview Park at $182,100, the typical annual property tax bill reaches $4,698, exceeding the national median of $2,690. Property taxes in Fairview Park 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 Fairview Park'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 Fairview Park 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
Fairview Park, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.74%
Estimate Property Tax Bill
$4,990
Ownwell’s Fairview Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairview Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairview Park 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 Fairview Park, Ohio
Property taxes in Fairview Park, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairview Park is 2.74%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Fairview Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairview Park 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 Fairview Park's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44126 zip code has the highest median property tax rate of 2.74%, while the same 44126 zip code also has the lowest median tax rate of 2.74%. Understanding how these cities compare with Fairview Park provides valuable insights into the varying tax landscape across Cuyahoga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairview Park Tax Rate
2.74%
Average Cuyahoga County Tax Rate
2.64%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairview Park, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44126 | 0.51% | 2.70% | 2.74% | 2.76% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Fairview Park, Ohio
In Fairview Park, 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 Cuyahoga 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 Fairview Park, 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. For instance, the median home price in Fairview Park is $182,100, with tax bills ranging significantly. The 25th percentile tax bill is $2,073, while the 90th percentile tax bill reaches $6,433. 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 Fairview Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairview Park Assessed Value
$182,100
Average Cuyahoga County Assessed Value
$138,300
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairview Park, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44126 | $2,200 | $151,700 | $182,100 | $226,000 | $348,580 |
Source: Ownwell
Property Tax Bills Across Fairview Park, Ohio
In Fairview Park, Cuyahoga County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate, applied to this assessed value, determines the amount homeowners owe. Various factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value. For instance, the median home price in Fairview Park is $182,100. Property tax bills in this area can vary significantly, with the 25th percentile at $2,073 and the 75th percentile at $5,439. The highest median tax bill recorded in the 44126 ZIP code is $4,698. Compared to the national median property tax rate of 0.99%, Fairview Park's rates can be higher, impacting homeowners' annual expenses. These taxes fund essential services like schools, infrastructure, and public safety, making them a critical component of community well-being.
Average Fairview Park Tax Bill
$4,698
Average Cuyahoga County Tax Bill
$3,544
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairview Park, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44126 | $61 | $2,073 | $4,698 | $5,439 | $6,433 |
Source: Ownwell