Otway, Ohio Property Taxes
The median property tax rate in Otway, OH is 1.51%, which is significantly higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $29,250 in Otway, the typical annual property tax bill is $424, well below the national median of $2,690. Property taxes in Otway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Otway'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 Otway or another part of Adams County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Otway, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$442
Ownwell’s Otway Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Otway. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Otway to provide an accurate estimate of your property tax bill. This valuable resource helps you understand potential tax liabilities with ease. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down. Your property's assessed value, determined by the county, forms the basis for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Otway, Ohio
Property taxes in Otway, Ohio, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otway is 1.51%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Otway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otway 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 Otway's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45657 zip code has both the highest and lowest median property tax rate of 1.51%. Understanding how these cities compare with Otway provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otway Tax Rate
1.51%
Average Adams County Tax Rate
1.44%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45657 | 0.47% | 0.90% | 1.51% | 1.70% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Otway, Ohio
In Otway, 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 Adams County Auditor 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 Otway, 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. The median home price in Otway is $29,250, with tax bills ranging from $217 at the 25th percentile to $1,198 at the 90th percentile. The highest and lowest median tax bills both stand at $424 in the 45657 zip code. Being aware of these valuation processes in Otway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Otway Assessed Value
$29,250
Average Adams County Assessed Value
$61,700
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45657 | $9,450 | $15,675 | $29,250 | $76,500 | $136,500 |
Source: Ownwell
Property Tax Bills Across Otway, Ohio
In Otway, located in Adams 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 tax bill. Factors such as property location, size, and any applicable exemptions can influence the final amount. For instance, the median home price in Otway is $29,250, leading to varying tax bills across different percentiles. Homeowners in Otway can expect a tax bill around $217 at the 25th percentile, $790 at the 75th percentile, and $1,198 at the 90th percentile. These figures are relatively modest compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area are both $424, found in the zip code 45657. Understanding these calculations helps homeowners budget effectively and anticipate their annual property tax responsibilities.
Average Otway Tax Bill
$424
Average Adams County Tax Bill
$833
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Otway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45657 | $131 | $217 | $424 | $790 | $1,198 |
Source: Ownwell