Oakwood, Ohio Property Taxes
The median property tax rate in Oakwood, OH is 1.37%, 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 Oakwood at $105,415, the typical annual property tax bill reaches $1,451, which is below the national median of $2,690. Property taxes in Oakwood 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 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, understanding 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
1.37%
Estimate Property Tax Bill
$1,444
Ownwell’s Oakwood Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oakwood with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Oakwood to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Oakwood, Ohio
Property taxes in Oakwood, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakwood is 1.37%, 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 counties in Ohio and the national median. For comparison, the 45873 zip code has the highest median property tax rate of 1.37%, while the 45873 zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Oakwood provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakwood Tax Rate
1.37%
Average Putnam County Tax Rate
1.30%
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 |
|---|---|---|---|---|---|
| 45873 | 1.16% | 1.31% | 1.37% | 1.42% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Oakwood, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oakwood, Ohio. 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 local 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 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. The median home price in Oakwood is $105,415, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $1,190, while the 75th percentile tax bill is $1,669. The highest median tax bill is found in the 45873 zip code, amounting to $1,451. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oakwood Assessed Value
$105,415
Average Putnam County Assessed Value
$132,830
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 |
|---|---|---|---|---|---|
| 45873 | $57,887 | $92,705 | $105,415 | $137,970 | $165,429 |
Source: Ownwell
Property Tax Bills Across Oakwood, Ohio
In Oakwood, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is typically a percentage of the property's market value. Homeowners in Oakwood can expect their property tax bill to be influenced by several factors, including the median home price, which currently stands at $105,415. The tax rate in Oakwood is applied to the assessed value to determine the annual tax bill. For instance, the 25th percentile tax bill is $1,190, while the 75th percentile reaches $1,669, and the 90th percentile can go up to $2,206. These figures indicate the range within which most homeowners' tax bills fall. Compared to the national median property tax rate of 0.99%, Oakwood's rates can significantly impact homeowners, particularly those with higher-valued properties. Understanding these factors can help homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Oakwood Tax Bill
$1,451
Average Putnam County Tax Bill
$1,712
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 |
|---|---|---|---|---|---|
| 45873 | $816 | $1,190 | $1,451 | $1,669 | $2,206 |
Source: Ownwell