Oakwood, Ohio Property Taxes
The median property tax rate in Oakwood, Ohio is 1.22%, which is higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Oakwood at $74,100, the typical annual property tax bill reaches $971, falling below the national median of $2,690. Property taxes in Oakwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Oakwood'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 Oakwood 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
Oakwood, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$904
Ownwell’s Oakwood Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Oakwood. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Oakwood to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, making it easier to plan your finances. For those interested in more detailed insights, localized trends at the neighborhood level are available further down the page. Remember, your property’s assessed value is determined by the county and includes any applicable exemptions.
Property Tax Rates Across Oakwood, Ohio
Property taxes in Oakwood, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakwood is 1.52%, significantly higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Oakwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakwood 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 Oakwood's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45419 zip code has the highest median property tax rate of 1.52%, while the 45419 zip code also has the lowest median tax rate of 1.52%. Understanding how these cities compare with Oakwood provides valuable insights into the varying tax landscape across Montgomery, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakwood Tax Rate
1.22%
Average Paulding County Tax Rate
1.21%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45873 | 0.91% | 1.19% | 1.22% | 1.43% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Oakwood, Ohio
In Oakwood, 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 Paulding 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. 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 Oakwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 45873, with a median bill of $971.00.
Average Oakwood Assessed Value
$74,100
Average Paulding County Assessed Value
$87,500
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45873 | $4,840 | $27,725 | $74,100 | $121,275 | $176,240 |
Source: Ownwell
Property Tax Bills Across Oakwood, Ohio
In Oakwood, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This value is a percentage of the property's market value, and it plays a crucial role in determining the tax bill. For example, with a median home price of $74,100, homeowners can expect varying tax bills depending on their property's assessed value and the applicable tax rate. Factors such as property location, improvements, and overall market trends are considered in the assessment process. In Oakwood, the tax bill can range significantly; the 25th percentile tax bill is around $499, while the 75th percentile reaches $1,485, and the 90th percentile can be as high as $2,142. These variations highlight the impact of property assessments and tax rates on homeowners. Compared to the national median property tax rate of 0.99%, Oakwood's rates and resulting tax bills can provide both challenges and opportunities for homeowners, depending on their property's specific assessed value and the local tax policies in place.
Average Oakwood Tax Bill
$971
Average Paulding County Tax Bill
$1,158
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45873 | $187 | $499 | $971 | $1,485 | $2,142 |
Source: Ownwell