Oakwood Village, Ohio Property Taxes
The median property tax rate in Oakwood Village, OH is 2.01%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Oakwood Village at $273,700, the typical annual property tax bill reaches $5,432, exceeding the national median of $2,690. Property taxes in Oakwood 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 Oakwood 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 Oakwood 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
Oakwood Village, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$5,501
Ownwell’s Oakwood Village Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakwood Village with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakwood 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 Oakwood Village, Ohio
Property taxes in Oakwood 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 Oakwood Village is 2.01%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Oakwood Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakwood 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 Oakwood Village's effective property tax rate to other areas in Ohio and the national median. For comparison, the 44146 zip code has the highest and lowest median property tax rate of 2.01%. Understanding how these areas compare with Oakwood 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 Oakwood Village Tax Rate
2.01%
Average Cuyahoga County Tax Rate
2.64%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakwood Village, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44146 | 1.98% | 1.99% | 2.01% | 2.03% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Oakwood Village, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oakwood 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 Oakwood 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. 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 Oakwood Village helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in the zip code 44146 is $5432.
Property Tax Assessment Values Across Oakwood Village, Ohio
Source: Ownwell
$1,700
$1,166,850
$2,332,000
Average Oakwood Village Assessed Value
$273,700
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 Oakwood Village, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44146 | $246,400 | $258,100 | $273,700 | $295,400 | $302,700 |
Source: Ownwell
Property Tax Bills Across Oakwood Village, Ohio
Property tax bills in Oakwood Village, located in Cuyahoga County, Ohio, are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. The tax rate is then applied to the assessed value to determine the annual tax bill. Various factors such as property improvements, neighborhood developments, and market trends can influence the assessed value. For homeowners in Oakwood Village, the median home price stands at $273,700. The property tax bills can vary significantly, with the 25th percentile at $5,178 and the 75th percentile at $5,798. At the 90th percentile, tax bills can reach up to $6,202. These figures indicate that property taxes in Oakwood Village are higher than the national median property tax rate of 0.99%. Consequently, homeowners in this area should be prepared for higher property tax bills compared to the national average, which can impact overall housing affordability and budgeting.
Average Oakwood Village Tax Bill
$5,432
Average Cuyahoga County Tax Bill
$3,544
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakwood Village, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44146 | $4,936 | $5,178 | $5,432 | $5,798 | $6,202 |
Source: Ownwell