Toronto, Ohio Property Taxes
The median property tax rate in Toronto, OH is 2.34%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Toronto at $78,170, the typical annual property tax bill reaches $1,785, exceeding the national median of $2,690. Property taxes in Toronto 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 Toronto'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 Toronto or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Toronto, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$1,829
Ownwell’s Toronto Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Toronto with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Toronto to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by Jefferson County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Toronto, Ohio
Property taxes in Toronto, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toronto is 1.47%, higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Toronto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toronto 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 Toronto's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43964 zip code has the highest median property tax rate of 1.47%, while the same zip code also has the lowest median tax rate of 1.47%. Understanding how these cities compare with Toronto provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Toronto Tax Rate
2.34%
Average Jefferson County Tax Rate
2.19%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toronto, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43964 | 2.16% | 2.19% | 2.34% | 2.34% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Toronto, Ohio
In Toronto, 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 Jefferson 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 Toronto, 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 Toronto helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Jefferson County, the highest median tax bill is $1,785 in zip code 43964, which is also the lowest.
Average Toronto Assessed Value
$78,170
Average Jefferson County Assessed Value
$67,215
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Toronto, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43964 | $23,398 | $48,565 | $78,170 | $112,202 | $157,769 |
Source: Ownwell
Property Tax Bills Across Toronto, Ohio
In Toronto, located in Jefferson County, OH, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. For instance, if the market value of a home is $78,170, the assessed value will be a fraction of this amount. The local tax rate is then applied to the assessed value to determine the annual property tax bill. Several factors influence the tax bill, including property location, market conditions, and any applicable exemptions. Homeowners in Toronto can expect their tax bills to vary widely; the 25th percentile tax bill is around $1,110, while the 75th percentile reaches $2,590. The highest median tax bill in the area is $1,785, which is relatively moderate when compared to the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual expenses and overall financial planning.
Average Toronto Tax Bill
$1,785
Average Jefferson County Tax Bill
$1,517
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Toronto, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43964 | $534 | $1,110 | $1,785 | $2,590 | $3,612 |
Source: Ownwell