Greenfield, Ohio Property Taxes
The median property tax rate in Greenfield, OH is 1.19%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Greenfield at $145,400, the typical annual property tax bill reaches $1,740, falling below the national median of $2,690. Property taxes in Greenfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Greenfield'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 Greenfield 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
Greenfield, 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 Greenfield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Greenfield with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Greenfield to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Greenfield, Ohio
Property taxes in Greenfield, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenfield is 1.19%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Greenfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenfield 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 Greenfield's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45123 zip code has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Greenfield provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenfield Tax Rate
1.19%
Average Fayette County Tax Rate
1.38%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45123 | 0.53% | 1.10% | 1.19% | 1.47% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Greenfield, Ohio
In Greenfield, 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 Fayette 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 Greenfield, 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. The median home price in Greenfield is $145,400, with tax bills ranging from $1,233 at the 25th percentile to $3,889 at the 90th percentile. The highest median tax bill is $1,740 in the 45123 zip code, which is also the lowest median 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 Greenfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Greenfield Assessed Value
$145,400
Average Fayette County Assessed Value
$107,500
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45123 | $45,420 | $94,550 | $145,400 | $227,750 | $453,060 |
Source: Ownwell
Property Tax Bills Across Greenfield, Ohio
In Greenfield, located in Fayette County, Ohio, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate, known as the millage rate, is then applied to the assessed value to determine the annual property tax bill. For instance, with a median home price of $145,400, homeowners can expect varying tax bills depending on where their property falls within the assessed value spectrum. Factors such as property location, home improvements, and local tax levies play significant roles in determining the final tax bill. For example, tax bills in Greenfield range from the 25th percentile at $1,233 to the 90th percentile at $3,889, reflecting the diversity in property values and tax rates within the area. This can significantly affect homeowners, as higher property taxes may impact monthly mortgage payments and overall housing affordability. Comparing this to the national median property tax rate of 0.99%, Greenfield's property tax rates can either be a burden or a benefit, depending on individual circumstances.
Average Greenfield Tax Bill
$1,740
Average Fayette County Tax Bill
$1,527
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45123 | $662 | $1,233 | $1,740 | $2,669 | $3,889 |
Source: Ownwell