Oakwood, Ohio Property Taxes
The median property tax rate in Oakwood, OH is 2.03%, significantly higher than both the national median of 0.99% and the Ohio state median of 1.80%. With a median home value of $236,600 in Oakwood, the typical annual property tax bill reaches $4,744, far exceeding the national median of $2,690. Property taxes in Oakwood are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oakwood'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 Oakwood 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
Oakwood, 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 Oakwood Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Oakwood. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Oakwood to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value, determined by Cuyahoga County, is crucial for these calculations and takes into account any applicable exemptions.
Property Tax Rates Across Oakwood, Ohio
Property taxes in Oakwood, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakwood is 2.03%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Oakwood set these rates annually, and they can vary across different neighborhoods. Each year, Oakwood 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 Oakwood's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 44146 has the highest median property tax rate of 2.03%, while the same zip code also has the lowest median tax rate of 2.03%. Understanding how these cities compare with Oakwood 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 Oakwood Tax Rate
2.03%
Average Cuyahoga County Tax Rate
2.64%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44146 | 1.89% | 2.00% | 2.03% | 2.44% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Oakwood, Ohio
In Oakwood, 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. 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 Oakwood 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 $4,744 in the 44146 zip code, while the lowest is also $4,744 in the same zip code.
Average Oakwood Assessed Value
$236,600
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 Oakwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44146 | $9,720 | $22,550 | $236,600 | $294,000 | $338,960 |
Source: Ownwell
Property Tax Bills Across Oakwood, Ohio
In Oakwood, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Oakwood, the median home price is $236,600, and the property tax rate in Cuyahoga County is reflective of the local needs and services. Several factors influence the tax bill, including property size, location, and market conditions. The tax bill can vary significantly, with the 25th percentile paying around $558, while those in the 75th percentile face a tax bill of up to $5,956. At the 90th percentile, it can go as high as $6,601. These variations highlight how different property characteristics and market values impact the overall tax burden. Compared to the national median property tax rate of 0.99%, Oakwood's property taxes can be seen as relatively high, affecting homeowners by increasing their annual housing costs and influencing their financial planning and budgeting.
Average Oakwood Tax Bill
$4,744
Average Cuyahoga County Tax Bill
$3,544
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44146 | $270 | $558 | $4,744 | $5,956 | $6,601 |
Source: Ownwell