Richwood, Ohio Property Taxes
The median property tax rate in Richwood, Ohio is 1.30%, 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 Richwood at $257,700, the typical annual property tax bill reaches $3,143, exceeding the national median of $2,690. Property taxes in Richwood are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Richwood'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 Richwood 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
Richwood, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$3,350
Ownwell’s Richwood Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Richwood with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Richwood to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-specific trends, more localized information is available below. 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 Richwood, Ohio
Property taxes in Richwood, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richwood is 1.30%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Richwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richwood 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 Richwood's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43344 zip code has both the highest and lowest median property tax rate of 1.30%. Understanding how these areas compare with Richwood provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richwood Tax Rate
1.30%
Average Delaware County Tax Rate
1.78%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43344 | 1.04% | 1.13% | 1.30% | 1.31% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Richwood, Ohio
In Richwood, 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 Delaware 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 Richwood, 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 Richwood is $257,700, with tax bills ranging from $2,558 at the 25th percentile to $4,432 at the 90th percentile. 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 Richwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Richwood Assessed Value
$257,700
Average Delaware County Assessed Value
$406,400
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43344 | $161,100 | $201,150 | $257,700 | $313,100 | $392,400 |
Source: Ownwell
Property Tax Bills Across Richwood, Ohio
In Richwood, Ohio, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value, reflecting current real estate conditions. Delaware County, where Richwood is located, uses this assessed value to calculate the tax bill by applying the local tax rate. Homeowners in Richwood can expect to pay varying amounts depending on their property's assessed value. For instance, the tax bill at the 25th percentile is $2,558, while at the 75th percentile, it reaches $3,705, and at the 90th percentile, it can go up to $4,432. These figures indicate that higher-valued properties incur higher tax bills. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax obligations. These property taxes fund essential community services such as schools, emergency services, and infrastructure, directly impacting the quality of life for Richwood residents.
Average Richwood Tax Bill
$3,143
Average Delaware County Tax Bill
$7,016
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Richwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43344 | $2,098 | $2,558 | $3,143 | $3,705 | $4,432 |
Source: Ownwell