Fostoria, Ohio Property Taxes
The median property tax rate in Fostoria, OH is 1.89%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Fostoria at $101,830, the typical annual property tax bill reaches $1,726, which is below the national median of $2,690. Property taxes in Fostoria 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 Fostoria'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 Fostoria 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
Fostoria, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.89%
Estimate Property Tax Bill
$1,925
Ownwell’s Fostoria Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fostoria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fostoria 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 Fostoria, Ohio
Property taxes in Fostoria, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fostoria is 1.89%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Fostoria set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fostoria 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 Fostoria's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44830 zip code has both the highest and lowest median property tax rate of 1.89%. Understanding how these cities compare with Fostoria provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fostoria Tax Rate
1.89%
Average Hancock County Tax Rate
1.24%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fostoria, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44830 | 1.09% | 1.29% | 1.89% | 1.89% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Fostoria, Ohio
In Fostoria, 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 Hancock 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 Fostoria, 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 Fostoria is $101,830, with tax bills ranging from $1,203 at the 25th percentile to $2,945 at the 90th percentile. The highest and lowest median tax bills, both at $1,726, are found in the 44830 zip code. 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 Fostoria helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fostoria Assessed Value
$101,830
Average Hancock County Assessed Value
$151,760
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fostoria, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44830 | $10,120 | $67,090 | $101,830 | $144,875 | $204,010 |
Source: Ownwell
Property Tax Bills Across Fostoria, Ohio
In Fostoria, Hancock County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. The tax rate, also known as the millage rate, is then applied to the assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including the property's location, size, and any improvements made. Homeowners in Fostoria can expect a median property tax bill of $1,726, which is significantly higher than the national median property tax rate of 0.99%. For example, the tax bill at the 25th percentile is $1,203, while at the 75th percentile, it rises to $2,255. At the 90th percentile, homeowners might pay as much as $2,945. These taxes fund essential local services such as schools, emergency services, and infrastructure, directly impacting the quality of life in the community.
Average Fostoria Tax Bill
$1,726
Average Hancock County Tax Bill
$1,839
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Fostoria, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44830 | $204 | $1,203 | $1,726 | $2,255 | $2,945 |
Source: Ownwell