Fairlawn, Ohio Property Taxes
The median property tax rate in Fairlawn, OH is 1.28%, which is considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $245,615 in Fairlawn, the typical annual property tax bill reaches $3,209, surpassing the national median of $2,690. Property taxes in Fairlawn are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fairlawn'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 Fairlawn 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
Fairlawn, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$3,144
Ownwell’s Fairlawn Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Fairlawn using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairlawn to provide an estimate of your property tax bill. This user-friendly tool offers valuable insights into potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, accounts for any applicable exemptions and is crucial for accurate property tax calculations.
Property Tax Rates Across Fairlawn, Ohio
Property taxes in Fairlawn, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairlawn is 1.28%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Fairlawn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairlawn 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 Fairlawn's effective property tax rate to other areas in Ohio and the national median. For comparison, the 44333 zip code has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these areas compare with Fairlawn provides valuable insights into the varying tax landscape across Summit County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairlawn Tax Rate
1.28%
Average Summit County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairlawn, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44333 | 1.13% | 1.23% | 1.28% | 1.35% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Fairlawn, Ohio
In Fairlawn, 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 Summit County Fiscal Office 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 Fairlawn, 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 Fairlawn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 44333 has the highest median tax bill at $3,209.
Average Fairlawn Assessed Value
$245,615
Average Summit County Assessed Value
$168,880
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairlawn, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44333 | $168,578 | $200,740 | $245,615 | $303,528 | $388,121 |
Source: Ownwell
Property Tax Bills Across Fairlawn, Ohio
In Fairlawn, Summit County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Fairlawn can expect a median tax bill of $3,209, which is significantly higher than the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. For instance, homeowners at the 25th percentile pay around $2,649, while those at the 75th percentile face tax bills of approximately $3,964. At the 90th percentile, tax bills can soar to $5,056. These figures highlight the variability in property tax bills based on property values and local tax levies. Higher property taxes can impact homeowners by increasing the overall cost of owning a home, affecting affordability and long-term financial planning.
Average Fairlawn Tax Bill
$3,209
Average Summit County Tax Bill
$2,683
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairlawn, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44333 | $2,126 | $2,649 | $3,209 | $3,964 | $5,056 |
Source: Ownwell