Parma, Ohio Property Taxes
The median property tax rate in Parma, OH is 2.39%, significantly higher than both the national median of 0.99% and Ohio's state median of 1.80%. With a median home value of $106,500 in Parma, the typical annual property tax bill reaches $2,478, which is close to the national median of $2,690. Property taxes in Parma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Parma's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Parma or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Parma, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$2,545
$2,362
Ownwell’s Parma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parma 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 Parma, Ohio
Property taxes in Parma, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parma is 2.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within Parma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parma 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 Parma's effective property tax rate to other areas in Cuyahoga County and the national median. For comparison, the 44130 zip code has the highest median property tax rate of 2.61%, while the 44134 zip code has the lowest median tax rate of 2.38%. Understanding how these cities compare with Parma 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 Parma Tax Rate
2.39%
Average Cuyahoga County Tax Rate
2.64%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parma, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44129 | 2.07% | 2.38% | 2.47% | 2.57% | 3.03% |
| 44130 | 2.40% | 2.48% | 2.61% | 2.69% | 2.71% |
| 44131 | 2.45% | 2.46% | 2.46% | 2.49% | 2.50% |
| 44134 | 1.98% | 2.34% | 2.38% | 2.47% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Parma, Ohio
In Parma, 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 Parma, 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 Parma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill is $3,996 in zip code 44131, while the lowest median tax bill is $2,427 in zip code 44134.
Average Parma Assessed Value
$106,500
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 Parma, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44129 | $59,070 | $126,100 | $140,050 | $151,625 | $171,700 |
| 44130 | $65,850 | $92,350 | $98,400 | $121,550 | $147,950 |
| 44131 | $153,920 | $157,400 | $163,200 | $173,800 | $180,160 |
| 44134 | $79,100 | $92,450 | $104,500 | $122,550 | $136,200 |
Source: Ownwell
Property Tax Bills Across Parma, Ohio
In Parma, located in Cuyahoga County, OH, property tax bills are calculated based on the assessed value of your home. The county assessor determines the assessed value, which is a percentage of the market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the tax bill, including the home's location, size, and condition. For example, the median home price in Parma is $106,500. Property tax bills can vary significantly, with the 25th percentile at $2,125 and the 75th percentile reaching $3,042. The highest median tax bill in the area is $3,996, found in the 44131 zip code, while the lowest median tax bill is $2,427 in the 44134 zip code. These variations can affect homeowners differently, impacting their annual financial planning and overall affordability of living in Parma. Compared to the national median property tax rate of 0.99%, Parma's rates reflect the local economic conditions and public service funding needs.
Average Parma Tax Bill
$2,478
Average Cuyahoga County Tax Bill
$3,544
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Parma, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44129 | $1,694 | $2,903 | $3,389 | $3,977 | $4,335 |
| 44130 | $875 | $1,734 | $2,462 | $2,904 | $3,592 |
| 44131 | $3,786 | $3,865 | $3,996 | $4,310 | $4,498 |
| 44134 | $1,644 | $2,108 | $2,427 | $2,956 | $3,325 |
Source: Ownwell