New Waterford, Ohio Property Taxes
The median property tax rate in New Waterford, OH is 1.25%, slightly higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With a median home value of $122,850, the typical annual property tax bill in New Waterford amounts to $1,499, which is below the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding New Waterford'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 New Waterford or another part of Columbiana County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Waterford, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$1,536
$1,425
Ownwell’s New Waterford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Waterford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Waterford 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 New Waterford, Ohio
Property taxes in New Waterford, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Waterford is 1.25%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within New Waterford set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Waterford 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 New Waterford's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 44445 has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these areas compare with New Waterford provides valuable insights into the varying tax landscape across Columbiana County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Waterford Tax Rate
1.25%
Average Columbiana County Tax Rate
1.27%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Waterford, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44445 | 1.04% | 1.15% | 1.25% | 1.37% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across New Waterford, Ohio
In New Waterford, 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 Columbiana County Auditor 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 New Waterford, 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 New Waterford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 44445, both at $1,499.
Average New Waterford Assessed Value
$122,850
Average Columbiana County Assessed Value
$95,700
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Waterford, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44445 | $40,010 | $79,875 | $122,850 | $166,925 | $220,360 |
Source: Ownwell
Property Tax Bills Across New Waterford, Ohio
In New Waterford, located in Columbiana County, OH, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in New Waterford is $122,850. To determine the tax bill, the assessed value is multiplied by the local tax rate, which varies by jurisdiction. Homeowners in New Waterford can expect their property tax bills to fall within a range depending on their property's assessed value and the applicable tax rate. For example, the 25th percentile tax bill is $958, while the 75th percentile tax bill is $2040, and the 90th percentile tax bill reaches $2717. These figures indicate that property taxes can significantly impact homeowners, particularly those with higher-valued properties. Compared to the national median property tax rate of 0.99%, New Waterford's property tax bills reflect the local economic conditions and tax policies, which can influence the overall cost of homeownership in the area.
Average New Waterford Tax Bill
$1,499
Average Columbiana County Tax Bill
$1,157
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across New Waterford, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44445 | $449 | $958 | $1,499 | $2,040 | $2,717 |
Source: Ownwell