Genoa, Ohio Property Taxes
The median property tax rate in Genoa, OH is 1.76%, which is significantly higher than the national median of 0.99% but slightly below Ohio's state median of 1.80%. With a median home value of $122,750 in Genoa, the typical annual property tax bill amounts to $2,162, falling short of the national median of $2,690. Property taxes in Genoa are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. By understanding Genoa's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Genoa or another part of Ottawa County, gaining insights into the local property tax system can prove to be highly advantageous.
Last Updated June 14, 2024
Genoa, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$2,160
Ownwell’s Genoa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Genoa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Genoa 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 Genoa, Ohio
Property taxes in Genoa, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Genoa is 1.76%, significantly higher than the U.S. national median of 0.99%. Local government entities within Genoa set these rates annually, and they can vary across different neighborhoods. Each year, Genoa 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. For comparison, the zip code 43430 has the highest median property tax rate of 1.76%, while the same zip code also has the lowest median tax rate of 1.76%. Understanding how these cities compare with Genoa provides valuable insights into the varying tax landscape across Ottawa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Genoa Tax Rate
1.76%
Average Ottawa County Tax Rate
1.28%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Genoa, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43430 | 1.43% | 1.72% | 1.76% | 1.91% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Genoa, Ohio
In Genoa, 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 Ottawa 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 Genoa, 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 Genoa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Genoa is 43430, with a median tax bill of $2,162.
Average Genoa Assessed Value
$122,750
Average Ottawa County Assessed Value
$131,980
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Genoa, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43430 | $66,556 | $95,070 | $122,750 | $158,420 | $218,544 |
Source: Ownwell
Property Tax Bills Across Genoa, Ohio
In Genoa, located in Ottawa County, OH, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the assessed value, including the home's size, age, location, and condition. In Genoa, the median home price is $122,750, which provides a baseline for understanding property tax bills in the area. Homeowners in Genoa can expect to pay between $1,597 at the 25th percentile and $3,957 at the 90th percentile in property taxes annually. The highest and lowest median tax bills in the area are both $2,162, reflecting the uniformity in tax rates within the zip code 43430. These property tax bills significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, thereby influencing the overall quality of life in Genoa.
Average Genoa Tax Bill
$2,162
Average Ottawa County Tax Bill
$1,848
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Genoa, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43430 | $1,055 | $1,597 | $2,162 | $2,886 | $3,957 |
Source: Ownwell