Munroe Falls, Ohio Property Taxes
The median property tax rate in Munroe Falls, OH is 1.77%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Munroe Falls at $208,000, the typical annual property tax bill reaches $3,650, exceeding the national median of $2,690. Property taxes in Munroe Falls 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 Munroe Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Munroe Falls 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
Munroe Falls, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.77%
Estimate Property Tax Bill
$3,682
Ownwell’s Munroe Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Munroe Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Munroe Falls 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 Munroe Falls, Ohio
Property taxes in Munroe Falls, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Munroe Falls is 1.77%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Munroe Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Munroe Falls 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 Munroe Falls' effective property tax rate to other counties in Ohio and the national median. For comparison, the 44262 zip code has the highest median property tax rate of 1.77%, while the same 44262 zip code also has the lowest median tax rate of 1.77%. Understanding how these cities compare with Munroe Falls 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 Munroe Falls Tax Rate
1.77%
Average Summit County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Munroe Falls, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44262 | 1.52% | 1.64% | 1.77% | 1.88% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Munroe Falls, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Munroe Falls, 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 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 Munroe Falls, 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 Munroe Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Munroe Falls is $208,000, with median tax bills ranging from $3,081 at the 25th percentile to $5,863 at the 90th percentile. The zip code 44262 has the highest and lowest median tax bill at $3,650.
Average Munroe Falls Assessed Value
$208,000
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 Munroe Falls, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44262 | $153,630 | $175,088 | $208,000 | $268,188 | $323,895 |
Source: Ownwell
Property Tax Bills Across Munroe Falls, Ohio
In Munroe Falls, Summit County, OH, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors, such as property location, size, and improvements, influence the assessed value. For instance, the median home price in Munroe Falls stands at $208,000. Homeowners in Munroe Falls can expect their property tax bills to vary significantly. The tax bill at the 25th percentile is $3,081, while at the 75th percentile, it rises to $4,638. At the 90th percentile, the tax bill can reach up to $5,863. This range highlights the variability in tax obligations based on property characteristics and assessed values. Compared to the national median property tax rate of 0.99%, Munroe Falls homeowners may find their rates and bills to be reflective of the specific local assessments and levies, impacting their annual financial planning.
Average Munroe Falls Tax Bill
$3,650
Average Summit County Tax Bill
$2,683
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Munroe Falls, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44262 | $2,620 | $3,081 | $3,650 | $4,638 | $5,863 |
Source: Ownwell