Gates Mills, Ohio Property Taxes
The median property tax rate in Gates Mills, OH is 2.55%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Gates Mills at $439,400, the typical annual property tax bill reaches $11,114, far exceeding the national median of $2,690. Property taxes in Gates Mills 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 Gates Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Gates Mills 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
Gates Mills, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.55%
Estimate Property Tax Bill
$11,205
Ownwell’s Gates Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gates Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gates Mills 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 Gates Mills, Ohio
Property taxes in Gates Mills, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gates Mills is 2.55%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Gates Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gates Mills 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 Gates Mills' effective property tax rate to other counties in Ohio and the national median. For comparison, the 44040 zip code has both the highest and lowest median property tax rate of 2.55%. Understanding how these cities compare with Gates Mills provides valuable insights into the varying tax landscape across Cuyahoga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gates Mills Tax Rate
2.55%
Average Cuyahoga County Tax Rate
2.64%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gates Mills, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44040 | 2.33% | 2.41% | 2.55% | 2.59% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Gates Mills, Ohio
In Gates Mills, 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 Cuyahoga 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 Gates Mills, 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 Gates Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $11,114, found in zip code 44040.
Average Gates Mills Assessed Value
$439,400
Average Cuyahoga County Assessed Value
$138,300
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gates Mills, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44040 | $239,200 | $307,700 | $439,400 | $661,600 | $967,540 |
Source: Ownwell
Property Tax Bills Across Gates Mills, Ohio
In Gates Mills, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value. For homeowners, this means that any increase in their property's market value could lead to a higher tax bill. The median home price in Gates Mills is $439,400, and property tax bills can vary significantly. For instance, homeowners in the 25th percentile pay around $7,754 annually, while those in the 75th percentile see bills of approximately $16,968. At the 90th percentile, the tax bill can reach up to $25,332. Compared to the national median property tax rate of 0.99%, Gates Mills homeowners often face higher tax obligations, reflecting the area's property values and local tax policies. This can have a substantial impact on household budgets and long-term financial planning.
Average Gates Mills Tax Bill
$11,114
Average Cuyahoga County Tax Bill
$3,544
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Gates Mills, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44040 | $5,764 | $7,754 | $11,114 | $16,968 | $25,332 |
Source: Ownwell