Wayland, Ohio Property Taxes
The median property tax rate in Wayland, Ohio is 1.47%, which is considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Wayland at $80,400, the typical annual property tax bill reaches $1,150, falling below the national median of $2,690. Property taxes in Wayland 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 Wayland'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 Wayland 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
Wayland, 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 Wayland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wayland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wayland 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 Wayland, Ohio
Property taxes in Wayland, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wayland is 1.47%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Wayland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wayland 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 Wayland's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 44285 has both the highest and lowest median property tax rate of 1.47%. Understanding how these cities compare with Wayland provides valuable insights into the varying tax landscape across Portage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wayland Tax Rate
1.47%
Average Portage County Tax Rate
1.68%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wayland, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44285 | 1.02% | 1.31% | 1.47% | 1.51% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Wayland, Ohio
In Wayland, 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 Portage 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 Wayland, 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. The median home price in Wayland is $80,400, with tax bills ranging from $818 at the 25th percentile to $1,562 at the 90th percentile. The highest and lowest median tax bills are both $1,150, found in the 44285 zip code. 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 Wayland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wayland Assessed Value
$80,400
Average Portage County Assessed Value
$162,300
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wayland, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44285 | $39,420 | $67,475 | $80,400 | $83,550 | $127,410 |
Source: Ownwell
Property Tax Bills Across Wayland, Ohio
In Wayland, located in Portage County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The median home price in Wayland is $80,400. Homeowners can expect their tax bills to vary, with the 25th percentile at $818 and the 75th percentile at $1,249. The 90th percentile tax bill reaches up to $1,562. These figures indicate that property taxes in Wayland can significantly impact household budgets. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. The property tax rate in Wayland is above the national median rate of 0.99%, reflecting the local government's need to fund services such as schools, emergency services, and infrastructure. Higher assessed values and tax rates can lead to higher tax bills, affecting homeowners by increasing their annual financial obligations. This underscores the importance of understanding property assessments and exploring potential tax relief options.
Average Wayland Tax Bill
$1,150
Average Portage County Tax Bill
$2,735
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Wayland, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44285 | $261 | $818 | $1,150 | $1,249 | $1,562 |
Source: Ownwell