Richmond, Ohio Property Taxes
The median property tax rate in Richmond, OH is 2.97%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Richmond at $267,800, the typical annual property tax bill reaches $7,926, exceeding the national median of $2,690. Property taxes in Richmond 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 Richmond'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 Richmond 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
Richmond, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.97%
Estimate Property Tax Bill
$7,954
Ownwell’s Richmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richmond 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 Richmond, Ohio
Property taxes in Richmond, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richmond is 2.97%, significantly higher than the U.S. national median of 0.99%. Local government entities within Richmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richmond 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 Richmond's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 43944 has the highest median property tax rate of 2.97%, while zip code 44143 has the lowest median tax rate of 2.97%. Understanding how these cities compare with Richmond 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 Richmond Tax Rate
2.97%
Average Cuyahoga County Tax Rate
2.64%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richmond, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43944 | 2.97% | 2.97% | 2.97% | 2.97% | 2.97% |
| 44143 | 2.69% | 2.96% | 2.97% | 2.97% | 2.98% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Richmond, 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 Richmond, 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 Richmond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Richmond is in the 43944 zip code, amounting to $8,296, while the lowest median tax bill is in the 44143 zip code, totaling $7,525. By being informed, homeowners can take steps to better manage their property taxes.
Average Richmond Assessed Value
$267,800
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 Richmond, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43944 | $279,400 | $279,400 | $279,400 | $279,400 | $279,400 |
| 44143 | $234,050 | $245,400 | $266,800 | $277,400 | $287,200 |
Source: Ownwell
Property Tax Bills Across Richmond, Ohio
In Richmond, 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. The median home price in this area is $267,800. Local tax rates are then applied to this assessed value to determine the annual tax bill. For homeowners, the tax bill can vary significantly; the 25th percentile tax bill is $6,968, while the 75th percentile tax bill reaches $8,313. At the 90th percentile, it can go up to $8,484. Several factors influence these tax bills, including property location, local tax rates, and any applicable exemptions or reductions. The highest median tax bill in the county is $8,296, specifically in the 43944 zip code, while the lowest is $7,525 in the 44143 zip code. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners.
Average Richmond Tax Bill
$7,926
Average Cuyahoga County Tax Bill
$3,544
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Richmond, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43944 | $8,296 | $8,296 | $8,296 | $8,296 | $8,296 |
| 44143 | $6,631 | $6,891 | $7,525 | $8,230 | $8,523 |
Source: Ownwell