Gratiot, Ohio Property Taxes
The median property tax rate in Gratiot, Ohio is 2.44%, significantly higher than both the national median of 0.99% and Ohio's state median of 1.80%. With a median home value of $80,750 in Gratiot, the typical annual property tax bill amounts to $1,914, which is below the national median of $2,690. Property taxes in Gratiot are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Navigating Gratiot's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Gratiot 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
Gratiot, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Gratiot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gratiot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gratiot 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 Gratiot, Ohio
Property taxes in Gratiot, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gratiot is 1.48%, significantly higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Gratiot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gratiot 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 Gratiot's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43740 zip code has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with Gratiot provides valuable insights into the varying tax landscape across Licking County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gratiot Tax Rate
2.44%
Average Licking County Tax Rate
2.22%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gratiot, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43740 | 2.17% | 2.44% | 2.44% | 2.44% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Gratiot, Ohio
In Gratiot, 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 Licking 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 Gratiot, 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 Gratiot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the zip code 43740 in Gratiot has the highest median tax bill at $1914. Understanding these figures can help residents anticipate their property tax obligations more accurately.
Average Gratiot Assessed Value
$80,750
Average Licking County Assessed Value
$163,800
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gratiot, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43740 | $7,610 | $30,450 | $80,750 | $115,100 | $130,590 |
Source: Ownwell
Property Tax Bills Across Gratiot, Ohio
In Gratiot, located in Licking County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $80,750. Local tax authorities determine the assessed value, and then apply the local tax rate to calculate the tax bill. This rate can vary depending on the specific needs and budget requirements of the local government, schools, and other public services. Homeowners in Gratiot can expect their property tax bills to range significantly. The 25th percentile tax bill is around $673, while the 75th percentile tax bill can go up to $2,757. For those at the 90th percentile, the tax bill can reach as high as $3,192. These figures highlight the variability in property tax obligations based on home values and local tax rates. Compared to the national median property tax rate of 0.99%, these local rates can have a substantial impact on homeowners, influencing their overall cost of living and financial planning.
Average Gratiot Tax Bill
$1,914
Average Licking County Tax Bill
$3,689
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Gratiot, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43740 | $186 | $673 | $1,914 | $2,757 | $3,192 |
Source: Ownwell