Farmdale, Ohio Property Taxes
The median property tax rate in Farmdale, OH is 1.59%, which is notably higher than the national median of 0.99% but still below Ohio's state median of 1.80%. With a median home value of $128,600 in Farmdale, the typical annual property tax bill amounts to $1,974, falling short of the national median of $2,690. Property taxes in Farmdale are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. By understanding Farmdale's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Farmdale or another part of Trumbull County, gaining insight into the local property tax system is advantageous for managing long-term property costs effectively.
Last Updated June 14, 2024
Farmdale, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$2,045
Ownwell’s Farmdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmdale 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 Farmdale, Ohio
Property taxes in Farmdale, Ohio, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmdale is 1.59%, significantly higher than the U.S. national median of 0.99%. Local government entities within Farmdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmdale 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 Farmdale's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44417 zip code has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these cities compare with Farmdale provides valuable insights into the varying tax landscape across Trumbull County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmdale Tax Rate
1.59%
Average Trumbull County Tax Rate
1.84%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmdale, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44417 | 1.13% | 1.38% | 1.59% | 1.70% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Farmdale, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farmdale, 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 Trumbull 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 Farmdale, 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 Farmdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Farmdale stands at $128,600. The annual tax bill varies significantly, with the 25th percentile at $1,295 and the 75th percentile at $2,779. Notably, the zip code 44417 has the highest median tax bill at $1,974, which is below the national median property tax rate of 0.99%.
Average Farmdale Assessed Value
$128,600
Average Trumbull County Assessed Value
$82,000
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmdale, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44417 | $54,600 | $85,900 | $128,600 | $184,400 | $260,100 |
Source: Ownwell
Property Tax Bills Across Farmdale, Ohio
In Farmdale, located in Trumbull County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county's appraisal district. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors such as property size, location, and market conditions influence the assessed value. For homeowners in Farmdale, the median home price is $128,600. The property tax bill can vary significantly, with the 25th percentile at $1,295 and the 75th percentile at $2,779. At the higher end, the 90th percentile reaches $3,720. These figures highlight the range of property tax burdens homeowners may face. Comparatively, the national median property tax rate is 0.99%, which offers a benchmark for evaluating local tax rates. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Farmdale Tax Bill
$1,974
Average Trumbull County Tax Bill
$1,518
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmdale, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44417 | $778 | $1,295 | $1,974 | $2,779 | $3,720 |
Source: Ownwell