Waterville, Ohio Property Taxes
The median property tax rate in Waterville, OH is 1.51%, which is considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Waterville, the typical annual property tax bill reaches $8,556, significantly exceeding the national median of $2,690. Property taxes in Waterville 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 Waterville'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 Waterville 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
Waterville, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$7,767
Ownwell’s Waterville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterville 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 Waterville, Ohio
Property taxes in Waterville, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterville is 1.51%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Waterville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterville 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 Waterville's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 43566 has the highest median property tax rate of 1.51%, while the same zip code also holds the lowest median tax rate of 1.51%. Understanding how these cities compare with Waterville 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 Waterville Tax Rate
1.51%
Average Wood County Tax Rate
1.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43566 | 1.47% | 1.48% | 1.51% | 1.59% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Waterville, Ohio
In Waterville, 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 Waterville, 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 Waterville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 43566 has the highest median tax bill of $8,556.
Average Waterville Assessed Value
$514,400
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 Waterville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43566 | $106,160 | $259,250 | $514,400 | $579,200 | $618,080 |
Source: Ownwell
Property Tax Bills Across Waterville, Ohio
In Waterville, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. This assessed value is a percentage of the market value, reflecting current real estate trends. The tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Waterville, the median home price stands at $514,400, which significantly impacts the tax bill. Factors such as property size, location, and market conditions are considered when assessing a home's value. Homeowners can expect tax bills ranging from $4,309 at the 25th percentile to $8,979 at the 75th percentile, with the 90th percentile reaching $9,232. Compared to the national median property tax rate of 0.99%, Waterville's property taxes can be relatively high, particularly in areas with higher market values. This can affect homeowners by increasing their annual financial obligations, making it essential to understand and potentially appeal assessed values to ensure fair taxation.
Average Waterville Tax Bill
$8,556
Average Wood County Tax Bill
$2,615
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43566 | $1,761 | $4,309 | $8,556 | $8,979 | $9,232 |
Source: Ownwell