Sherwood, Ohio Property Taxes
The median property tax rate in Sherwood, OH is 1.21%, 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 Sherwood, the typical annual property tax bill reaches $1,260, which is below the national median of $2,690. Property taxes in Sherwood 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 Sherwood'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 Sherwood 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
Sherwood, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$1,313
Ownwell’s Sherwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sherwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sherwood 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 Sherwood, Ohio
Property taxes in Sherwood, Ohio, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Sherwood is 1.21%, which is notably higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Sherwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherwood 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 Sherwood's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43556 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Sherwood provides valuable insights into the varying tax landscape across Defiance County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sherwood Tax Rate
1.21%
Average Defiance County Tax Rate
1.30%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sherwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43556 | 0.77% | 1.08% | 1.21% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Sherwood, Ohio
In Sherwood, 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 Defiance 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 in Sherwood 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 Sherwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Sherwood is 43556, with a median tax bill of $1,260.
Average Sherwood Assessed Value
$108,520
Average Defiance County Assessed Value
$127,250
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sherwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43556 | $5,010 | $58,445 | $108,520 | $186,275 | $334,708 |
Source: Ownwell
Property Tax Bills Across Sherwood, Ohio
In Sherwood, Defiance County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as the property's location, size, and condition, as well as any applicable exemptions or deductions, play a role in calculating the final amount. For homeowners in Sherwood, the property tax burden can vary significantly. The median home price is $108,520, and tax bills range from the 25th percentile at $720 to the 90th percentile at $3,234. This variability highlights the impact of property value assessments and local tax rates on homeowners. Compared to the national median property tax rate of 0.99%, Sherwood's tax rates can present a higher or lower financial obligation depending on the specific circumstances of each property. Understanding these factors is crucial for homeowners as they navigate their financial responsibilities and plan for future expenses.
Average Sherwood Tax Bill
$1,260
Average Defiance County Tax Bill
$1,657
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43556 | $137 | $720 | $1,260 | $2,074 | $3,234 |
Source: Ownwell