Otway, Ohio Property Taxes
The median property tax rate in Otway, OH is 1.36%, 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 Otway at $58,020, the typical annual property tax bill reaches $737, which is significantly below the national median of $2,690. Property taxes in Otway 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 Otway'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 Otway 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
Otway, 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 Otway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otway 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 Otway, Ohio
Property taxes in Otway, Ohio, are crucial for financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otway is 1.36%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Otway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otway 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 Otway's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45657 zip code has the highest median property tax rate of 1.36%, while the same zip code also has the lowest median tax rate of 1.36%. Understanding how these cities compare with Otway provides valuable insights into the varying tax landscape across Scioto County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otway Tax Rate
1.36%
Average Scioto County Tax Rate
1.59%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45657 | 0.71% | 1.15% | 1.36% | 1.70% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Otway, Ohio
In Otway, 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 Scioto 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 Otway, 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 Otway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 45657 has both the highest and lowest median tax bill at $737.
Average Otway Assessed Value
$58,020
Average Scioto County Assessed Value
$71,410
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45657 | $12,026 | $23,245 | $58,020 | $118,600 | $190,290 |
Source: Ownwell
Property Tax Bills Across Otway, Ohio
In Otway, located in Scioto County, OH, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Various factors influence this valuation, including the property's location, size, and condition. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Otway experience a range of property tax bills. For instance, the 25th percentile tax bill is around $300, while the 75th percentile reaches up to $1,472. At the higher end, the 90th percentile tax bill can be as much as $2,444. The median home price in Otway is $58,020, and the median property tax bill is $737, which is below the national median property tax rate of 0.99%. This relatively low tax burden can be advantageous for homeowners, making property ownership more affordable in the region.
Average Otway Tax Bill
$737
Average Scioto County Tax Bill
$1,073
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Otway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45657 | $122 | $300 | $737 | $1,472 | $2,444 |
Source: Ownwell