Magnolia, Ohio Property Taxes
The median property tax rate in Magnolia, OH is 1.82%, slightly higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Magnolia at $107,290, the typical annual property tax bill reaches $1,869, which is below the national median of $2,690. Property taxes in Magnolia are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Magnolia'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 Magnolia or another part of Carroll County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Magnolia, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.82%
Estimate Property Tax Bill
$1,953
$1,812
Ownwell’s Magnolia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magnolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnolia 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 Magnolia, Ohio
Property taxes in Magnolia, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magnolia is 1.82%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Magnolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnolia 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 Magnolia's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44643 zip code has the highest median property tax rate of 1.82%, while the same zip code also has the lowest median tax rate of 1.82%. Understanding how these cities compare with Magnolia provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magnolia Tax Rate
1.82%
Average Carroll County Tax Rate
1.41%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnolia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44643 | 1.21% | 1.52% | 1.82% | 1.97% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Magnolia, Ohio
In Magnolia, 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 Carroll 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 Magnolia, 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 Magnolia 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 44643 at $1,869, which is above the national median property tax rate of 0.99%.
Average Magnolia Assessed Value
$107,290
Average Carroll County Assessed Value
$85,895
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magnolia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44643 | $9,051 | $64,342 | $107,290 | $159,692 | $232,965 |
Source: Ownwell
Property Tax Bills Across Magnolia, Ohio
In Magnolia, located in Carroll County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Several factors influence the final tax bill, including the market value of the home, local tax rates, and any applicable exemptions. For instance, the median home price in Magnolia is $107,290. Property tax rates in the area can lead to a wide range of tax bills. Homeowners in the 25th percentile can expect to pay around $1,239 annually, while those in the 75th percentile may see bills as high as $2,635. The top 10% of homeowners face even higher taxes, with bills reaching up to $3,549. Comparatively, the national median property tax rate is 0.99%, making Magnolia's property tax rates relatively moderate. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Magnolia Tax Bill
$1,869
Average Carroll County Tax Bill
$1,225
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnolia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44643 | $230 | $1,239 | $1,869 | $2,635 | $3,549 |
Source: Ownwell