Grove City, Ohio Property Taxes
The median property tax rate in Grove City, OH is 1.37%, which is notably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Grove City at $239,735, the typical annual property tax bill amounts to $3,124, surpassing the national median of $2,690. Property taxes in Grove City are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Grove City'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 Grove City 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
Grove City, 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 Grove City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grove City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grove City 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 Grove City, Ohio
Property taxes in Grove City, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grove City is 1.37%, which is significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Grove City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grove City estimates its required budget to maintain services for the upcoming fiscal year and 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 Grove City's effective property tax rate to other areas in Ohio and the national median. For comparison, the 43123 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these figures compare with Grove City provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grove City Tax Rate
1.37%
Average Madison County Tax Rate
1.59%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grove City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43123 | 1.25% | 1.32% | 1.37% | 1.37% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Grove City, Ohio
In Grove City, 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 Madison 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 Grove City, 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 Grove City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in this area are both $3,124 in the 43123 zip code.
Average Grove City Assessed Value
$239,735
Average Madison County Assessed Value
$142,200
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grove City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43123 | $157,807 | $192,048 | $239,735 | $278,928 | $297,877 |
Source: Ownwell
Property Tax Bills Across Grove City, Ohio
In Grove City, located in Madison County, OH, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the market value of the home. For Grove City, the median home price is $239,735. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including local tax rates and any applicable exemptions or deductions. For homeowners in Grove City, the 25th percentile tax bill stands at $2,360, while the 75th percentile reaches $3,849. The 90th percentile tax bill can go up to $4,089. These figures highlight the range of property tax obligations that homeowners might face, depending on the value of their homes and the specific tax rates and exemptions applicable to them. Compared to the national median property tax rate of 0.99%, Grove City's tax rates can significantly impact homeowners, affecting their overall financial planning and cost of living.
Average Grove City Tax Bill
$3,124
Average Madison County Tax Bill
$2,428
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Grove City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43123 | $2,050 | $2,360 | $3,124 | $3,849 | $4,089 |
Source: Ownwell