Fairfield, Ohio Property Taxes
The median property tax rate in Fairfield, OH is 2.31%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Fairfield at $120,000, the typical annual property tax bill reaches $2,772, slightly above the national median of $2,690. Property taxes in Fairfield 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 Fairfield'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 Fairfield 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
Fairfield, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$2,772
Ownwell’s Fairfield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fairfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfield to provide an estimate of 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 Fairfield, Ohio
Property taxes in Fairfield, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfield is 2.31%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Fairfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfield 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 Fairfield's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45014 zip code has the highest median property tax rate of 2.31%, while the 45014 zip code also has the lowest median tax rate of 2.31%. Understanding how these cities compare with Fairfield provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfield Tax Rate
2.31%
Average Hamilton County Tax Rate
2.32%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45014 | 2.31% | 2.31% | 2.31% | 2.31% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Fairfield, Ohio
In Fairfield, 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 Hamilton 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 Fairfield, 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. The median home price in Fairfield is $120,000, and the median tax bill is $2,772. Notably, the zip code 45014 has both the highest and lowest median tax bills at $2,772. 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 Fairfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairfield Assessed Value
$120,000
Average Hamilton County Assessed Value
$139,190
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45014 | $120,000 | $120,000 | $120,000 | $120,000 | $120,000 |
Source: Ownwell
Property Tax Bills Across Fairfield, Ohio
In Fairfield, located in Hamilton County, OH, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. For homeowners in Fairfield, the median home price is $120,000. The property tax rate in this area results in a median tax bill of $2,772. This amount is significantly higher than the national median property tax rate of 0.99%. Several factors are considered when calculating the tax bill, including the home's assessed value, any applicable exemptions, and the local tax rate. The tax bill can impact homeowners by adding a substantial annual cost to homeownership, influencing decisions about buying or selling property. In Fairfield, the property tax burden is consistent across different percentiles, with the tax bill remaining at $2,772 for the 25th, 75th, and 90th percentiles. This uniformity suggests a stable tax environment for residents.
Average Fairfield Tax Bill
$2,772
Average Hamilton County Tax Bill
$3,119
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45014 | $2,772 | $2,772 | $2,772 | $2,772 | $2,772 |
Source: Ownwell