Morrow, Ohio Property Taxes
The median property tax rate in Morrow, OH is 2.39%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Morrow, the typical annual property tax bill reaches $7,737, exceeding the national median of $2,690. Property taxes in Morrow 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 Morrow'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 Morrow 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
Morrow, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$7,742
Ownwell’s Morrow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morrow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morrow 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 Morrow, Ohio
Property taxes in Morrow, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morrow is 2.39%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Morrow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morrow 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 Morrow's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45152 zip code has the highest median property tax rate of 2.39%, while the same zip code also has the lowest median tax rate of 2.39%. Understanding how these cities compare with Morrow provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrow Tax Rate
2.39%
Average Hamilton County Tax Rate
2.32%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morrow, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45152 | 2.39% | 2.39% | 2.39% | 2.39% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across Morrow, Ohio
In Morrow, 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 Hamilton 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 Morrow, 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 Morrow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 45152 in Morrow has the highest and lowest median tax bill at $7,737. With the national median property tax rate at 0.99%, understanding these nuances can help Morrow homeowners manage their property tax obligations more effectively.
Average Morrow Assessed Value
$323,950
Average Hamilton County Assessed Value
$139,190
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morrow, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45152 | $323,950 | $323,950 | $323,950 | $323,950 | $323,950 |
Source: Ownwell
Property Tax Bills Across Morrow, Ohio
In Morrow, located in Hamilton County, OH, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, determined by the county assessor. For homeowners in Morrow, the median home price is $323,950. The property tax rate in Hamilton County plays a crucial role in determining the final tax bill. Several factors influence the assessed value, including recent home sales in the area, property condition, and improvements made. For instance, the median property tax bill in Morrow stands at $7,737, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill impacts homeowners by increasing their annual financial obligations. Understanding these components helps homeowners anticipate their property tax expenses and plan their budgets accordingly. The assessed value and local tax rate directly affect the amount homeowners need to pay, making it essential to stay informed about any changes in property tax regulations or assessments.
Average Morrow Tax Bill
$7,737
Average Hamilton County Tax Bill
$3,119
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Morrow, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45152 | $7,737 | $7,737 | $7,737 | $7,737 | $7,737 |
Source: Ownwell