Independence, Ohio Property Taxes
The median property tax rate in Independence, OH is 1.94%, considerably higher than both the national median of 0.99% and Ohio's state median of 1.80%. With the median home value in Independence at $144,300, the typical annual property tax bill reaches $2,802, exceeding the national median of $2,690. Property taxes in Independence 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 Independence'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 Independence 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
Independence, 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 Independence Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Independence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Independence 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 Independence, Ohio
Property taxes in Independence, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Independence is 1.94%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Independence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Independence 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 Independence's effective property tax rate to other areas in Ohio and the national median. For comparison, the 44131 zip code has the highest median property tax rate of 1.94%, while the same zip code also has the lowest median tax rate of 1.94%. Understanding how these areas compare with Independence provides valuable insights into the varying tax landscape across Ashtabula County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Independence Tax Rate
1.94%
Average Ashtabula County Tax Rate
1.74%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Independence, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44131 | 1.94% | 1.94% | 1.94% | 1.94% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Independence, Ohio
In Independence, 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 Ashtabula 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 Independence, 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 instance, the median home price in Independence is $144,300, and the median tax bill is $2,802. The zip code with the highest median tax bill is 44131, matching the lowest median tax bill in the same zip code at $2,802. 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 Independence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Independence Assessed Value
$144,300
Average Ashtabula County Assessed Value
$74,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Independence, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44131 | $144,300 | $144,300 | $144,300 | $144,300 | $144,300 |
Source: Ownwell
Property Tax Bills Across Independence, Ohio
In Independence, Ohio, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Independence is $144,300. Tax rates are applied to this assessed value to determine the final tax bill. Homeowners in Independence face a median property tax bill of $2,802, significantly higher than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the home's location within Ashtabula County, local tax levies, and any applicable exemptions or deductions. For instance, the highest and lowest median tax bills in the area both stand at $2,802, indicating a consistent tax rate across different properties. This higher tax bill impacts homeowners by increasing their annual expenses, but it also contributes to local services like schools, infrastructure, and emergency services. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Independence Tax Bill
$2,802
Average Ashtabula County Tax Bill
$1,299
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Independence, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44131 | $2,802 | $2,802 | $2,802 | $2,802 | $2,802 |
Source: Ownwell