Mayfield Village, Ohio Property Taxes
The median property tax rate in Mayfield Village, OH is 2.36%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Mayfield Village at $236,800, the typical annual property tax bill reaches $5,635, exceeding the national median of $2,690. Property taxes in Mayfield Village are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mayfield Village'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 Mayfield Village 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
Mayfield Village, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.36%
Estimate Property Tax Bill
$5,588
$5,186
Ownwell’s Mayfield Village Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mayfield Village with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mayfield Village 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 Mayfield Village, Ohio
Property taxes in Mayfield Village, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mayfield Village is 2.36%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Mayfield Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mayfield Village 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 Mayfield Village's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44143 zip code has the highest median property tax rate of 2.36%, while the same zip code also has the lowest median tax rate of 2.36%. Understanding how these cities compare with Mayfield Village 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 Mayfield Village Tax Rate
2.36%
Average Cuyahoga County Tax Rate
2.64%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mayfield Village, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44143 | 2.18% | 2.31% | 2.36% | 2.41% | 2.44% |
Source: Ownwell
Property Tax Assessment Values Across Mayfield Village, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mayfield Village, 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. In Mayfield Village, 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. The median home price in Mayfield Village stands at $236,800, with tax bills ranging from $4,130 at the 25th percentile to $10,600 at the 90th percentile. The zip code with the highest and lowest median tax bill is 44143, both at $5,635. 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.
Property Tax Assessment Values Across Mayfield Village, Ohio
Source: Ownwell
$1,700
$1,166,850
$2,332,000
Average Mayfield Village Assessed Value
$236,800
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 Mayfield Village, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44143 | $156,280 | $173,000 | $236,800 | $279,900 | $448,500 |
Source: Ownwell
Property Tax Bills Across Mayfield Village, Ohio
In Mayfield Village, located in Cuyahoga County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The tax rate applied to this assessed value is a key factor in determining the final tax bill. For homeowners in Mayfield Village, the median home price is $236,800, and the property tax rate is influenced by various local levies and state regulations. Homeowners can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is around $4,130, while at the 75th percentile, it reaches approximately $6,742. Those at the 90th percentile see tax bills as high as $10,600. These variations are due to differences in property values and specific local tax rates. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. The highest median tax bill in the area is $5,635, which is consistent across the zip code 44143, indicating a relatively uniform tax rate within that region. This system ensures that property taxes are proportionate to the value of the home, impacting homeowners' annual expenses accordingly.
Average Mayfield Village Tax Bill
$5,635
Average Cuyahoga County Tax Bill
$3,544
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Mayfield Village, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44143 | $3,650 | $4,130 | $5,635 | $6,742 | $10,600 |
Source: Ownwell