Brook Park, Ohio Property Taxes
The median property tax rate in Brook Park, OH is 2.12%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Brook Park at $83,600, the typical annual property tax bill reaches $1,401, which is lower than the national median of $2,690. Property taxes in Brook Park 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 Brook Park'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 Brook Park 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
Brook Park, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.12%
Estimate Property Tax Bill
$1,772
$1,645
Ownwell’s BROOK PARK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BROOK PARK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BROOK PARK 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 Brook Park, Ohio
Property taxes in Brook Park, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brook Park is 2.12%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Brook Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brook Park 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 Brook Park's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44142 zip code has the highest median property tax rate of 2.12%, while the same zip code also has the lowest median tax rate of 2.12%. Understanding how these cities compare with Brook Park 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 Brook Park Tax Rate
2.12%
Average Cuyahoga County Tax Rate
2.64%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brook Park, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44142 | 1.77% | 2.12% | 2.12% | 2.16% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across Brook Park, Ohio
In Brook Park, 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 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. In Brook Park, 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 Brook Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Brook Park is $83,600, with tax bills ranging notably. For instance, the 25th percentile tax bill is $216, while the 75th percentile is $1,770. The highest median tax bill is $1,401 in zip code 44142.
Average Brook Park Assessed Value
$83,600
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 Brook Park, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44142 | $8,740 | $10,000 | $83,600 | $91,200 | $100,440 |
Source: Ownwell
Property Tax Bills Across Brook Park, Ohio
In Brook Park, located in Cuyahoga County, OH, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and typically reflects a percentage of the property's market value. For instance, the median home price in Brook Park is $83,600. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the tax bill, including the property's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. Homeowners in Brook Park can expect a wide range of tax bills. For example, the 25th percentile tax bill is $216, while the 75th percentile tax bill is $1,770, and the 90th percentile tax bill reaches $2,062. The highest median tax bill in the area is $1,401, which is significantly higher than the national median property tax rate of 0.99%. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community and homeowners' financial planning.
Average Brook Park Tax Bill
$1,401
Average Cuyahoga County Tax Bill
$3,544
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Brook Park, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44142 | $189 | $216 | $1,401 | $1,770 | $2,062 |
Source: Ownwell