Galloway, Ohio Property Taxes
The median property tax rate in Galloway, OH is 1.82%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Galloway, the typical annual property tax bill reaches $2,941, exceeding the national median of $2,690. Property taxes in Galloway 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 Galloway'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 Galloway 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
Galloway, 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 Galloway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galloway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galloway 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 Galloway, Ohio
Property taxes in Galloway, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galloway is 1.82%, significantly higher than the U.S. national median of 0.99%. Local government entities within Galloway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galloway 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 Galloway's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43119 zip code has the highest median property tax rate of 1.82%, while the same 43119 zip code also has the lowest median tax rate of 1.82%. Understanding how these cities compare with Galloway provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galloway Tax Rate
1.82%
Average Franklin County Tax Rate
2.10%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galloway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43119 | 1.71% | 1.71% | 1.82% | 2.14% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Galloway, Ohio
In Galloway, 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 Franklin 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 Galloway, 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 Galloway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 43119 has the highest and lowest median tax bill of $2,941.
Average Galloway Assessed Value
$160,100
Average Franklin County Assessed Value
$168,000
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galloway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43119 | $112,000 | $133,400 | $160,100 | $194,950 | $256,060 |
Source: Ownwell
Property Tax Bills Across Galloway, Ohio
In Galloway, located in Franklin County, OH, property tax bills are determined based on the assessed value of the home, which is a percentage of the market value. The median home price in Galloway is $160,100. Property tax rates are applied to this assessed value to calculate the annual tax bill. Key factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Galloway can expect tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $2,419, while those at the 75th and 90th percentiles reach $4,158 and $5,828, respectively. The highest median tax bill in the area is $2,941, which is notably above the national median property tax rate of 0.99%. These taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the quality of life and local amenities.
Average Galloway Tax Bill
$2,941
Average Franklin County Tax Bill
$3,472
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Galloway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43119 | $2,028 | $2,419 | $2,941 | $4,158 | $5,828 |
Source: Ownwell