Gates Mills, Ohio Property Taxes
The median property tax rate in Gates Mills, OH is 2.09%, 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 $276,300, the typical annual property tax bill reaches $5,866, 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
2.09%
Estimate Property Tax Bill
$5,775
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gates Mills is 2.09%, 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 the highest median property tax rate of 2.09%, while the same zip code also has the lowest median tax rate of 2.09%. Understanding how these cities compare with Gates Mills provides valuable insights into the varying tax landscape across Geauga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gates Mills Tax Rate
2.09%
Average Geauga County Tax Rate
1.98%
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 | 1.99% | 2.02% | 2.09% | 2.22% | 2.26% |
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 Geauga 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 zip code with the highest and lowest median tax bill is 44040, with a median tax bill of $5,866.
Average Gates Mills Assessed Value
$276,300
Average Geauga County Assessed Value
$217,300
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 | $179,600 | $226,950 | $276,300 | $403,150 | $546,820 |
Source: Ownwell
Property Tax Bills Across Gates Mills, Ohio
In Gates Mills, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value set by the county assessor. Factors such as property location, size, and improvements can influence this value. Gates Mills, located in Geauga County, has a median home price of $276,300. Homeowners in Gates Mills can expect property tax bills to vary widely. For example, the tax bill at the 25th percentile is around $4,910, while at the 75th percentile, it rises to about $8,380. At the 90th percentile, it can reach up to $11,484. The highest and lowest median tax bills in the area are both $5,866, reflecting a relatively consistent tax rate in the zip code 44040. Compared to the national median property tax rate of 0.99%, Gates Mills homeowners may find their tax burdens influenced significantly by the assessed value and local tax rate, impacting overall affordability and financial planning.
Average Gates Mills Tax Bill
$5,866
Average Geauga County Tax Bill
$4,427
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 | $3,950 | $4,910 | $5,866 | $8,380 | $11,484 |
Source: Ownwell