Fayette, Ohio Property Taxes
The median property tax rate in FAYETTE, OH is 1.09%, slightly above the national median of 0.99% but lower than Ohio's state median of 1.80%. With a median home value of $170,600, the typical annual property tax bill in FAYETTE reaches approximately $2,295, which is below the national median of $2,690. Property taxes in this area are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as primary residence and agricultural exemptions. Gaining a thorough understanding of FAYETTE's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you reside in the heart of FAYETTE or another part of the city, comprehending the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Fayette, 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 Fayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayette 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 Fayette, Ohio
Property taxes in Fayette, Ohio, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayette is 1.21%, significantly higher than both the Ohio state median of 1.56% and the U.S. national median of 0.99%. Local government entities within Fayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayette 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 Fayette's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43521 zip code has the highest median property tax rate of 1.21%, while the 43521 zip code also has the lowest median tax rate of 1.21%. Understanding how these areas compare with Fayette provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fayette Tax Rate
1.09%
Average Williams County Tax Rate
1.51%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayette, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43521 | 0.72% | 0.77% | 1.09% | 1.50% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Fayette, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fayette, 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 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 Fayette, 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. For instance, the zip code with the highest median tax bill is 43521, where the median tax bill is $2,295. Being aware of these valuation processes in Fayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fayette Assessed Value
$170,600
Average Williams County Assessed Value
$99,000
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayette, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43521 | $73,940 | $83,500 | $170,600 | $478,300 | $521,240 |
Source: Ownwell
Property Tax Bills Across Fayette, Ohio
In Fayette, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is a percentage of the market value of the property. Fayette homeowners experience property tax rates that vary depending on the specific characteristics and location of their property within the county. The median home price in Fayette is $170,600, and property tax bills can range significantly. For example, the 25th percentile tax bill is $1,243, while the 75th percentile tax bill reaches $3,429, and at the 90th percentile, it can go up to $3,713. These figures highlight the variability in tax burdens among homeowners. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or abatements. Compared to the national median property tax rate of 0.99%, Fayette's property tax rates can create a significant financial impact on homeowners, making it crucial to understand and potentially appeal their property tax assessments.
Average Fayette Tax Bill
$2,295
Average Williams County Tax Bill
$1,468
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayette, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43521 | $887 | $1,243 | $2,295 | $3,429 | $3,713 |
Source: Ownwell