Oakwood, Ohio Property Taxes
The median property tax rate in Oakwood, OH is 3.13%, significantly higher than both the national median of 0.99% and Ohio's state median of 1.80%. With a median home value of $240,365 in Oakwood, the typical annual property tax bill reaches $7,481, far exceeding the national median of $2,690. Property taxes in Oakwood are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Oakwood'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 Oakwood or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oakwood, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.13%
Estimate Property Tax Bill
$7,523
Ownwell’s Oakwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakwood 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 Oakwood, Ohio
Property taxes in Oakwood, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakwood is 3.13%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Oakwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakwood 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 Oakwood's effective property tax rate to other areas in Ohio and the national median. For comparison, the 45409 zip code has the highest median property tax rate of 3.14%, while the 45419 zip code has the lowest median tax rate of 3.13%. Understanding how these cities compare with Oakwood provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakwood Tax Rate
3.13%
Average Montgomery County Tax Rate
2.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45409 | 2.91% | 3.13% | 3.14% | 3.19% | 3.20% |
| 45419 | 2.90% | 3.13% | 3.13% | 3.14% | 3.21% |
Source: Ownwell
Property Tax Assessment Values Across Oakwood, Ohio
In Oakwood, 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 Montgomery County Auditor 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 Oakwood, 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 Oakwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $7,628 in the 45409 zip code, while the lowest median tax bill is $7,454 in the 45419 zip code.
Average Oakwood Assessed Value
$240,365
Average Montgomery County Assessed Value
$98,910
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45409 | $155,002 | $181,330 | $243,840 | $340,748 | $432,693 |
| 45419 | $148,467 | $183,998 | $240,100 | $334,515 | $475,942 |
Source: Ownwell
Property Tax Bills Across Oakwood, Ohio
In Oakwood, Montgomery County, OH, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Oakwood is $240,365, and homeowners can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $5,710, while the 75th percentile tax bill can reach up to $10,422. At the higher end, the 90th percentile tax bill can be as high as $14,478. The highest median tax bill in the area is $7,628 in the 45409 zip code, compared to the lowest median tax bill of $7,454 in the 45419 zip code. These property taxes can have a substantial impact on homeowners, influencing both monthly mortgage payments and overall housing affordability.
Average Oakwood Tax Bill
$7,481
Average Montgomery County Tax Bill
$2,435
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45409 | $4,750 | $5,593 | $7,628 | $10,476 | $13,531 |
| 45419 | $4,606 | $5,725 | $7,454 | $10,411 | $14,719 |
Source: Ownwell