Newark, Ohio Property Taxes
The median property tax rate in Newark, OH is 1.96%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Newark, the typical annual property tax bill reaches $2,354, which is slightly below the national median of $2,690. Property taxes in Newark 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 Newark'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 Newark 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
Newark, 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 Newark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newark 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 Newark, Ohio
Property taxes in Newark, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newark is 1.96%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Newark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newark 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 Newark's effective property tax rate to other areas in Ohio and the national median. For comparison, the 43056 zip code has the highest median property tax rate of 2.45%, while the 43055 zip code has the lowest median tax rate of 1.96%. Understanding how these areas compare with Newark provides valuable insights into the varying tax landscape across Licking County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newark Tax Rate
1.96%
Average Licking County Tax Rate
2.22%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newark, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43055 | 1.90% | 1.96% | 1.96% | 1.96% | 2.13% |
| 43056 | 0.12% | 1.19% | 2.45% | 2.46% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Newark, Ohio
In Newark, 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 Licking 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 Newark, 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 Newark helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Newark is $2,356 in zip code 43055, while the lowest median tax bill is $482 in zip code 43056.
Average Newark Assessed Value
$120,100
Average Licking County Assessed Value
$163,800
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newark, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43055 | $48,730 | $81,400 | $120,100 | $171,200 | $248,500 |
| 43056 | $5,300 | $11,825 | $45,800 | $106,700 | $234,500 |
Source: Ownwell
Property Tax Bills Across Newark, Ohio
In Newark, located in Licking County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. Newark's property tax rate is then applied to this assessed value to calculate the annual tax bill. Homeowners in Newark can expect a wide range of property tax bills. For instance, the median home price in Newark is $120,100. The tax bills in this area vary significantly, with the 25th percentile at $1,570 and the 75th percentile reaching $3,367. At the higher end, the 90th percentile tax bill is $4,916, indicating substantial variation based on property value and location within the city. In the 43055 zip code, the highest median tax bill is $2,356, whereas the lowest median tax bill in the 43056 zip code is $482. These taxes fund local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Newark residents.
Average Newark Tax Bill
$2,354
Average Licking County Tax Bill
$3,689
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Newark, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43055 | $904 | $1,570 | $2,356 | $3,368 | $4,916 |
| 43056 | $62 | $135 | $482 | $1,957 | $4,660 |
Source: Ownwell