Richmond Heights, Ohio Property Taxes
The median property tax rate in Richmond Heights, 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 Heights at $88,900, the typical annual property tax bill reaches $2,228, which is below the national median of $2,690. Property taxes in Richmond Heights 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 Richmond Heights' 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 Heights 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 Heights, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.97%
Estimate Property Tax Bill
$2,640
Ownwell’s Richmond Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richmond Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richmond Heights 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 Heights, Ohio
Property taxes in Richmond Heights, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richmond Heights is 2.97%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Richmond Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richmond Heights 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 Heights' effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 44143 has the highest median property tax rate of 2.97%, while the same zip code also has the lowest median tax rate of 2.97%. Understanding how these cities compare with Richmond Heights 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 Heights 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 Heights, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44143 | 2.69% | 2.96% | 2.97% | 3.08% | 4.33% |
Source: Ownwell
Property Tax Assessment Values Across Richmond Heights, Ohio
In Richmond Heights, 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 Richmond Heights, 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 Richmond Heights is $88,900, with tax bills ranging from $1,197 at the 25th percentile to $7,660 at the 90th percentile. The highest and lowest median tax bills are both $2,228 in the zip code 44143. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Property Tax Assessment Values Across Richmond Heights, Ohio
Source: Ownwell
$1,700
$1,166,850
$2,332,000
Average Richmond Heights Assessed Value
$88,900
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 Heights, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44143 | $13,240 | $23,200 | $88,900 | $248,500 | $252,400 |
Source: Ownwell
Property Tax Bills Across Richmond Heights, Ohio
In Richmond Heights, property tax bills are calculated based on the assessed value of the home, which is often a percentage of the market value. The tax rate, determined by local taxing authorities, is then applied to this assessed value. For instance, in Cuyahoga County, the median home price is $88,900. Homeowners in the 25th percentile pay around $1,197 in property taxes, while those in the 75th percentile see bills up to $7,366. Factors such as property improvements, neighborhood changes, and local government budgets can influence these rates. The highest median tax bill in Richmond Heights is $2,228, found in the 44143 zip code. This variability in tax bills affects homeowners by impacting their annual financial planning and the overall cost of homeownership. Compared to the national median property tax rate of 0.99%, Richmond Heights homeowners experience a diverse range of tax obligations, reflecting the local economic conditions and municipal funding requirements.
Average Richmond Heights Tax Bill
$2,228
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 Heights, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44143 | $596 | $1,197 | $2,228 | $7,366 | $7,660 |
Source: Ownwell