Marengo, Ohio Property Taxes
The median property tax rate in Marengo, OH is 1.56%, which is significantly higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With a median home value of $126,000 in Marengo, the typical annual property tax bill amounts to $1,996, which is still below the national median of $2,690. Property taxes in Marengo are determined based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Marengo's property tax system, exploring available exemptions, and identifying potential reductions can result in substantial annual savings. Whether you reside in Marengo or another part of Morrow County, being well-informed about the local property tax structure is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Marengo, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$1,966
Ownwell’s Marengo Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Marengo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marengo to give you an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available below. Your property’s assessed value is determined by Morrow County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Marengo, Ohio
Property taxes in Marengo, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marengo is 1.56%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Marengo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marengo 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 Marengo's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43334 zip code has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these cities compare with Marengo provides valuable insights into the varying tax landscape across Morrow County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marengo Tax Rate
1.56%
Average Morrow County Tax Rate
1.58%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marengo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43334 | 1.31% | 1.48% | 1.56% | 1.60% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Marengo, Ohio
In Marengo, 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 Morrow 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 Marengo, 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 Marengo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Marengo is $126,000, with tax bills ranging from $969 at the 25th percentile to $4,517 at the 90th percentile. The highest and lowest median tax bill in the area is $1,996, both found in zip code 43334.
Average Marengo Assessed Value
$126,000
Average Morrow County Assessed Value
$98,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marengo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43334 | $10,480 | $47,100 | $126,000 | $203,550 | $288,440 |
Source: Ownwell
Property Tax Bills Across Marengo, Ohio
In Marengo, located in Morrow County, OH, property tax bills are calculated based on the assessed value of the home and the tax rate set by local authorities. The assessed value is typically a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the annual property tax bill. Various factors, including property size, location, and market conditions, influence the assessed value. Homeowners in Marengo face property tax bills that can vary significantly. For instance, the 25th percentile of tax bills is around $969, while the 75th percentile reaches $3,177, and the 90th percentile can be as high as $4,517. The median home price in the area is $126,000, which helps put these figures into perspective. Compared to the national median property tax rate of 0.99%, homeowners in Marengo may find their tax bills relatively moderate or high, depending on their property's assessed value and the specific tax rate applied. This variability in tax bills underscores the importance of understanding local property tax regulations and how they impact overall homeownership costs.
Average Marengo Tax Bill
$1,996
Average Morrow County Tax Bill
$1,602
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Marengo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43334 | $235 | $969 | $1,996 | $3,177 | $4,517 |
Source: Ownwell