Medway, Ohio Property Taxes
The median property tax rate in Medway, Ohio is 1.65%, which is considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $109,020, the typical annual property tax bill in Medway reaches $1,700, falling below the national median of $2,690. Property taxes in Medway are calculated based on the assessed value of the property, which often comes in below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Medway'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 Medway 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
Medway, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$1,799
Ownwell’s Medway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medway 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 Medway, Ohio
Property taxes in Medway, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medway is 1.65%, significantly higher than the U.S. national median of 0.99%. Local government entities within Medway set these rates annually, and they can vary across different neighborhoods. Each year, Medway 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. For comparison, the zip code 45341 has both the highest and lowest median property tax rate of 1.65%, highlighting the uniformity within the area. Understanding how these figures compare with Medway provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medway Tax Rate
1.65%
Average Clark County Tax Rate
1.69%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45341 | 0.79% | 1.39% | 1.65% | 1.69% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Medway, Ohio
In Medway, 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 Clark 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 Medway, 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, homes in the 45341 zip code have the highest median tax bill at $1,700. 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 Medway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Medway Assessed Value
$109,020
Average Clark County Assessed Value
$117,390
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45341 | $57,687 | $76,212 | $109,020 | $154,445 | $211,294 |
Source: Ownwell
Property Tax Bills Across Medway, Ohio
In Medway, located in Clark County, OH, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is typically a percentage of the market value, which is determined by the county assessor. This value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $109,020, homeowners can expect a range of tax bills. At the 25th percentile, the tax bill is around $1,098, while at the 75th percentile, it reaches $2,496. The top 10% of tax bills can be as high as $3,658. Factors such as property size, location, and improvements can influence the assessed value, thus affecting the tax bill. Homeowners in Medway should be aware that their tax bills can vary significantly based on these factors. Compared to the national median property tax rate of 0.99%, Medway's rates can lead to substantial differences in annual tax obligations, highlighting the importance of understanding local property tax assessments.
Average Medway Tax Bill
$1,700
Average Clark County Tax Bill
$1,871
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Medway, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45341 | $576 | $1,098 | $1,700 | $2,496 | $3,658 |
Source: Ownwell