Magnolia, Ohio Property Taxes
The median property tax rate in Magnolia, OH is 1.31%, 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 Magnolia, the typical annual property tax bill reaches $2,072, which is below the national median of $2,690. Property taxes in Magnolia are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Magnolia'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 Magnolia or another part of Tuscarawas County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Magnolia, 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 Magnolia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magnolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnolia 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 Magnolia, Ohio
Property taxes in Magnolia, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magnolia is 1.31%, notably higher than the U.S. national median of 0.99%. Local government entities within Magnolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnolia 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 Magnolia's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44643 zip code has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these areas compare with Magnolia provides valuable insights into the varying tax landscape across Tuscarawas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magnolia Tax Rate
1.31%
Average Tuscarawas County Tax Rate
1.35%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnolia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44643 | 1.07% | 1.15% | 1.31% | 1.31% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Magnolia, Ohio
In Magnolia, 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 Tuscarawas 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. 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 Magnolia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,072, found in the 44643 zip code.
Average Magnolia Assessed Value
$163,490
Average Tuscarawas County Assessed Value
$122,160
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magnolia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44643 | $102,316 | $128,480 | $163,490 | $198,895 | $238,867 |
Source: Ownwell
Property Tax Bills Across Magnolia, Ohio
In Magnolia, located in Tuscarawas County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the home's location, size, and condition play a significant role in its assessed value. For homeowners in Magnolia, the median home price stands at $163,490, with annual property tax bills typically ranging from $1,571 at the 25th percentile to $3,141 at the 90th percentile. The highest and lowest median tax bills in the area are both $2,072, reflecting a relatively consistent tax burden across the region. Compared to the national median property tax rate of 0.99%, Magnolia's property tax rates can have a substantial impact on homeowners, influencing decisions about purchasing, selling, or investing in property within the city. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Magnolia Tax Bill
$2,072
Average Tuscarawas County Tax Bill
$1,645
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnolia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44643 | $1,224 | $1,571 | $2,072 | $2,541 | $3,141 |
Source: Ownwell