Canal Fulton, Ohio Property Taxes
The median property tax rate in Canal Fulton, OH is 1.38%, which is notably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $283,965, the typical annual property tax bill in Canal Fulton reaches $4,094, surpassing the national median of $2,690. Property taxes in Canal Fulton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Canal Fulton'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 Canal Fulton 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
Canal Fulton, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.38%
Estimate Property Tax Bill
$3,919
Ownwell’s Canal Fulton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Canal Fulton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canal Fulton 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 Canal Fulton, Ohio
Property taxes in Canal Fulton, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canal Fulton is 1.38%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Canal Fulton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canal Fulton 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 Canal Fulton's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44614 zip code has the highest median property tax rate of 1.38%, while the same zip code also has the lowest median tax rate of 1.38%. Understanding how these cities compare with Canal Fulton provides valuable insights into the varying tax landscape across Summit County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canal Fulton Tax Rate
1.38%
Average Summit County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canal Fulton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44614 | 1.09% | 1.28% | 1.38% | 1.41% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Canal Fulton, Ohio
In Canal Fulton, 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 Summit 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 Canal Fulton, 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 the area is $283,965, with tax bills ranging from $3,451 at the 25th percentile to $5,287 at the 90th percentile. The zip code 44614 has both the highest and lowest median tax bill, standing at $4,094. 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 Canal Fulton Assessed Value
$283,965
Average Summit County Assessed Value
$168,880
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canal Fulton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44614 | $172,725 | $251,490 | $283,965 | $350,768 | $399,140 |
Source: Ownwell
Property Tax Bills Across Canal Fulton, Ohio
In Canal Fulton, located in Summit County, OH, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value determined by the county assessor. Homeowners in Canal Fulton face a property tax rate that can lead to varying tax bills depending on their property's value. For instance, the median home price in Canal Fulton is $283,965. With the national median property tax rate at 0.99%, homeowners might expect a tax bill around this percentage, but local rates can cause variations. In Canal Fulton, tax bills range significantly, with the 25th percentile at $3,451 and the 75th percentile at $5,022. At the 90th percentile, tax bills can reach up to $5,287. These tax bills impact homeowners by influencing their annual expenses and potentially affecting their financial planning. Understanding how property taxes are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average Canal Fulton Tax Bill
$4,094
Average Summit County Tax Bill
$2,683
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Canal Fulton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44614 | $2,129 | $3,451 | $4,094 | $5,022 | $5,287 |
Source: Ownwell