Northwood, Ohio Property Taxes
The median property tax rate in Northwood, OH is 1.65%, 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 Northwood at $109,700, the typical annual property tax bill reaches $1,724, exceeding the national median of $2,690. Property taxes in Northwood 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 Northwood'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 Northwood 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
Northwood, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$1,810
Ownwell’s Northwood Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Northwood. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Northwood to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities, helping you make informed financial decisions. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by Wood County for tax purposes and considers any applicable exemptions to ensure accurate calculations.
Property Tax Rates Across Northwood, Ohio
Property taxes in Northwood, Ohio are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Northwood is 1.65%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Northwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Northwood 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 Northwood's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43619 zip code has the highest median property tax rate of 1.65%, while the same zip code also has the lowest median tax rate of 1.65%. Understanding how these cities compare with Northwood provides valuable insights into the varying tax landscape across Wood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Northwood Tax Rate
1.65%
Average Wood County Tax Rate
1.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Northwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43619 | 1.45% | 1.61% | 1.65% | 1.69% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Northwood, Ohio
In Northwood, 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 Wood 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 Northwood, 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. For example, the median home price in Northwood is $109,700, with tax bills ranging from $182 at the 25th percentile to $4,322 at the 90th percentile. 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 Northwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Northwood Assessed Value
$109,700
Average Wood County Assessed Value
$163,900
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Northwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43619 | $7,100 | $10,900 | $109,700 | $185,000 | $256,900 |
Source: Ownwell
Property Tax Bills Across Northwood, Ohio
In Northwood, Wood County, OH, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions are considered in the assessment process. For example, the median home price in Northwood stands at $109,700. Property tax bills can vary significantly across the city. For instance, the 25th percentile tax bill is $182, while the 75th percentile tax bill reaches $2,966, and the 90th percentile tax bill can be as high as $4,322. These variations can have a substantial impact on homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Northwood's property tax rates can either be a financial relief or burden, depending on the assessed value and specific tax rate applied to their property.
Average Northwood Tax Bill
$1,724
Average Wood County Tax Bill
$2,615
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Northwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43619 | $115 | $182 | $1,724 | $2,966 | $4,322 |
Source: Ownwell