Edison, Ohio Property Taxes
The median property tax rate in Edison, OH is 1.65%, which is considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Edison at $88,450, the typical annual property tax bill reaches $1,494, still below the national median of $2,690. Property taxes in Edison are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Edison'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 Edison 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
Edison, 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 Edison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edison 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 Edison, Ohio
Property taxes in Edison, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Edison is 1.65%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Edison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edison 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 Edison's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43320 zip code has both the highest and lowest median property tax rate of 1.65%. Understanding how these cities compare with Edison provides valuable insights into the varying tax landscape across Morrow County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Edison Tax Rate
1.65%
Average Morrow County Tax Rate
1.58%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Edison, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43320 | 1.33% | 1.57% | 1.65% | 1.80% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Edison, Ohio
In Edison, 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 Morrow 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 Edison, 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 Edison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Edison, the median home price is $88,450. The 25th percentile tax bill is $500, while the 75th percentile tax bill is $2,271. The 90th percentile tax bill is $3,122. The highest median tax bill is $1,494 in the 43320 zip code, which also has the lowest median tax bill.
Average Edison Assessed Value
$88,450
Average Morrow County Assessed Value
$98,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Edison, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43320 | $5,460 | $26,700 | $88,450 | $141,500 | $195,420 |
Source: Ownwell
Property Tax Bills Across Edison, Ohio
In Edison, Morrow County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Edison is $88,450. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For homeowners in Edison, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is around $500, while the 75th percentile tax bill is approximately $2,271. Those in the 90th percentile can expect to pay up to $3,122 annually. Compared to the national median property tax rate of 0.99%, these figures provide insight into how local property taxes can impact a homeowner's budget. Understanding these nuances can help homeowners better anticipate their annual expenses and plan accordingly.
Average Edison Tax Bill
$1,494
Average Morrow County Tax Bill
$1,602
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Edison, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43320 | $112 | $500 | $1,494 | $2,271 | $3,122 |
Source: Ownwell