Canal Fulton, Ohio Property Taxes
The median property tax rate in Canal Fulton, OH is 1.52%, which is higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Canal Fulton, the typical annual property tax bill reaches $3,571, significantly exceeding the national median of $2,690. Property taxes in Canal Fulton 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 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
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Canal Fulton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate 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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canal Fulton is 1.52%, 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 1.52%, while the same zip code also has the lowest median tax rate of 1.52%. Understanding how these areas compare with Canal Fulton provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canal Fulton Tax Rate
1.52%
Average Wayne County Tax Rate
1.80%
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 | 1.00% | 1.19% | 1.52% | 1.53% | 1.53% |
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 Wayne 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. 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 Canal Fulton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $3,571, found in zip code 44614.
Average Canal Fulton Assessed Value
$233,270
Average Wayne County Assessed Value
$144,025
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 | $118,918 | $161,800 | $233,270 | $390,390 | $484,662 |
Source: Ownwell
Property Tax Bills Across Canal Fulton, Ohio
In Canal Fulton, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Wayne County can expect their tax bills to vary significantly depending on the assessed value of their properties. For instance, the median home price in Canal Fulton is $233,270. Tax bills can range from the 25th percentile at $2,472 to the 75th percentile at $4,162, with the 90th percentile reaching $4,517. Several factors influence these tax bills, including the home's assessed value, the local tax rate, and any applicable exemptions. The local tax rate in Canal Fulton can differ from the national median property tax rate of 0.99%, impacting the final amount homeowners are required to pay. Higher tax bills can affect homeowners by increasing their monthly expenses and overall cost of living, potentially influencing decisions related to homeownership and property investments in the area.
Average Canal Fulton Tax Bill
$3,571
Average Wayne County Tax Bill
$2,548
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 | $1,812 | $2,472 | $3,571 | $4,162 | $4,517 |
Source: Ownwell