Beachwood, Ohio Property Taxes
The median property tax rate in Beachwood, OH is 2.10%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Beachwood at $295,000, the typical annual property tax bill reaches $6,649, exceeding the national median of $2,690. Property taxes in Beachwood 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 Beachwood'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 Beachwood 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
Beachwood, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.1%
Estimate Property Tax Bill
$6,195
$5,749
Ownwell’s Beachwood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Beachwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beachwood to provide an estimate of your property tax bill. This intuitive tool offers a clear understanding of potential tax liabilities. Interested in neighborhood-level trends? Scroll down for more localized insights. Your property’s assessed value, determined by Cuyahoga County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Beachwood, Ohio
Property taxes in Beachwood, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beachwood is 2.10%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Beachwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beachwood 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 Beachwood's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44122 zip code has the highest median property tax rate of 2.10%, while the 44122 zip code also has the lowest median tax rate of 2.10%. Understanding how these cities compare with Beachwood provides valuable insights into the varying tax landscape across Cuyahoga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beachwood Tax Rate
2.10%
Average Cuyahoga County Tax Rate
2.64%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beachwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44122 | 1.95% | 2.09% | 2.10% | 2.23% | 3.62% |
Source: Ownwell
Property Tax Assessment Values Across Beachwood, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Beachwood, 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 Cuyahoga 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. 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. For context, the median home price in Beachwood is $295,000. Homeowners in the 44122 zip code experience the highest median tax bill at $6,649, while the lowest median tax bill is also $6,649 in the same zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Beachwood Assessed Value
$295,000
Average Cuyahoga County Assessed Value
$138,300
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beachwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44122 | $101,390 | $215,575 | $295,000 | $386,225 | $494,460 |
Source: Ownwell
Property Tax Bills Across Beachwood, Ohio
In Beachwood, located in Cuyahoga County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Local tax rates are then applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For example, the median home price in Beachwood is $295,000, and tax bills can vary significantly. Homeowners in the 25th percentile pay around $4,851, while those in the 75th percentile face bills up to $8,680. The 90th percentile sees even higher bills, reaching $12,028. These figures highlight the variability in property tax burdens within the city. Compared to the national median property tax rate of 0.99%, Beachwood's rates can be considerably higher, impacting homeowners' financial planning and overall cost of living. Understanding these factors is crucial for homeowners aiming to manage their expenses effectively.
Average Beachwood Tax Bill
$6,649
Average Cuyahoga County Tax Bill
$3,544
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Beachwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44122 | $2,544 | $4,851 | $6,649 | $8,680 | $12,028 |
Source: Ownwell