Richfield, Ohio Property Taxes
The median property tax rate in Richfield, OH is 1.43%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Richfield at $366,100, the typical annual property tax bill reaches $5,160, exceeding the national median of $2,690. Property taxes in Richfield 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 Richfield'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 Richfield 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
Richfield, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$5,235
Ownwell’s Richfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richfield 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 Richfield, Ohio
Property taxes in Richfield, Ohio, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Richfield is 1.43%, significantly higher than the U.S. national median of 0.99%. Local government entities within Richfield set these rates annually, and they can vary across different neighborhoods. Each year, Richfield 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 Richfield's effective property tax rate to other areas and the national median. For comparison, the zip code 44286 has the highest median property tax rate of 1.43%, while the lowest median tax rate is also 1.43%. Understanding how these areas compare with Richfield 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 Richfield Tax Rate
1.43%
Average Summit County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44286 | 1.21% | 1.26% | 1.43% | 1.65% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Richfield, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Richfield, Ohio. 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 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 Richfield, 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. The median home price here is $366,100, with tax bills ranging from $3,365 at the 25th percentile to $12,699 at the 90th percentile. The highest and lowest median tax bills are both $5,160, found in the 44286 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Richfield Assessed Value
$366,100
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 Richfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44286 | $201,880 | $254,720 | $366,100 | $560,410 | $789,370 |
Source: Ownwell
Property Tax Bills Across Richfield, Ohio
In Richfield, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. For example, if the median home price in Richfield is $366,100, the assessed value will be a fraction of this amount, depending on local assessment rules. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location within Summit County, local tax levies, and any applicable exemptions or deductions. Homeowners in Richfield can expect their property tax bills to vary significantly. The 25th percentile tax bill stands at $3,365, while those in the 75th percentile pay around $8,418. For the top 10% of properties, tax bills can reach up to $12,699. This variation highlights the impact of property values and local tax rates on homeowners, with some areas experiencing higher tax burdens compared to the national median property tax rate of 0.99%.
Average Richfield Tax Bill
$5,160
Average Summit County Tax Bill
$2,683
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Richfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44286 | $2,546 | $3,365 | $5,160 | $8,418 | $12,699 |
Source: Ownwell