University Hts, Ohio Property Taxes
The median property tax rate in University Heights, OH is 3.84%, significantly higher than both the national median of 0.99% and Ohio's state median of 1.80%. With the median home value in University Heights at $167,700, the typical annual property tax bill reaches $6,493, far exceeding the national median of $2,690. Property taxes in University 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 University 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 University 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
University Hts, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.84%
Estimate Property Tax Bill
$6,440
Ownwell’s UNIVERSITY HTS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in UNIVERSITY HTS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in UNIVERSITY HTS 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 University Hts, Ohio
Property taxes in University Heights, Ohio, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in University Heights is 3.84%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within University Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, University 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 University Heights' effective property tax rate to other areas in Ohio and the national median. For comparison, the 44118 zip code has the highest median property tax rate of 3.84%, while the same zip code also has the lowest median tax rate of 3.84%. Understanding how these figures compare with University 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 University Hts Tax Rate
3.84%
Average Cuyahoga County Tax Rate
2.64%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across University Hts, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44118 | 3.83% | 3.83% | 3.84% | 3.87% | 3.91% |
Source: Ownwell
Property Tax Assessment Values Across University Hts, Ohio
In UNIVERSITY HTS, 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 UNIVERSITY HTS, 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. With a median home price of $167,700, the tax bills can vary significantly, ranging from $5,618 at the 25th percentile to $7,877 at the 90th percentile. The zip code 44118 has the highest and lowest median tax bill, both at $6,493. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average University Hts Assessed Value
$167,700
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 University Hts, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44118 | $143,420 | $143,600 | $167,700 | $196,625 | $205,490 |
Source: Ownwell
Property Tax Bills Across University Hts, Ohio
In University Heights, 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 assessed value is a percentage of the property's market value, reflecting what the home might sell for under normal conditions. This assessed value is then multiplied by the local tax rate, which can vary depending on the specific levies and bonds approved by voters in the area. Homeowners in University Heights face property tax bills that can significantly impact their finances. For example, the 25th percentile tax bill is $5,618, while the 75th percentile reaches $7,531, and the 90th percentile is $7,877. These figures are notably higher than the national median property tax rate of 0.99%, indicating a substantial financial commitment for property owners in this area. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their budgets accordingly.
Average University Hts Tax Bill
$6,493
Average Cuyahoga County Tax Bill
$3,544
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across University Hts, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44118 | $5,565 | $5,618 | $6,493 | $7,531 | $7,877 |
Source: Ownwell