Richwood, Ohio Property Taxes
The median property tax rate in Richwood, Ohio is 1.43%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Richwood at $164,685, the typical annual property tax bill amounts to $2,494, slightly below the national median of $2,690. Property taxes in Richwood are calculated based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Richwood'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 Richwood or another part of Union County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richwood, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$2,355
Ownwell’s RICHWOOD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RICHWOOD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RICHWOOD 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 Richwood, Ohio
Property taxes in Richwood, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richwood is 1.43%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Richwood set these rates annually, and they can vary across different neighborhoods. Each year, Richwood 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 Richwood's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 43344 has the highest median property tax rate of 1.43%, while the same zip code also has the lowest median tax rate of 1.43%. Understanding how these cities compare with Richwood provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richwood Tax Rate
1.43%
Average Union County Tax Rate
1.44%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43344 | 1.11% | 1.35% | 1.43% | 1.66% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Richwood, Ohio
In Richwood, 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 Union 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 Richwood, 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. The median home price in Richwood is $164,685, with tax bills ranging from $1,733 at the 25th percentile to $5,130 at the 90th percentile. Identifying opportunities for protesting assessments or applying for exemptions can effectively manage the tax burden.
Average Richwood Assessed Value
$164,685
Average Union County Assessed Value
$249,955
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43344 | $34,060 | $107,688 | $164,685 | $254,762 | $398,370 |
Source: Ownwell
Property Tax Bills Across Richwood, Ohio
In Richwood, Union County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, homeowners in Richwood face a range of property tax bills, with the 25th percentile paying around $1,733 and the 75th percentile paying approximately $3,597. The 90th percentile sees tax bills as high as $5,130. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions. The median home price in Richwood is $164,685, which serves as a benchmark for understanding typical tax burdens in the area. Compared to the national median property tax rate of 0.99%, Richwood's tax rates can significantly impact homeowners, influencing their financial planning and the overall affordability of living in this Ohio community.
Average Richwood Tax Bill
$2,494
Average Union County Tax Bill
$3,900
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Richwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43344 | $654 | $1,733 | $2,494 | $3,597 | $5,130 |
Source: Ownwell