Galena, Ohio Property Taxes
The median property tax rate in Galena, Ohio is 1.67%, which is considerably higher than the national median of 0.99%, yet slightly lower than the Ohio state median of 1.80%. With a median home value of $513,700 in Galena, the typical annual property tax bill reaches $8,647, far exceeding the national median of $2,690. Property taxes in Galena are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Galena'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 Galena 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
Galena, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$8,579
Ownwell’s Galena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galena 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 Galena, Ohio
Property taxes in Galena, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galena is 1.67%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Galena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galena 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 Galena's effective property tax rate to other areas in Ohio and the national median. For comparison, the 43021 zip code has the highest median property tax rate of 1.67%, while the same zip code also has the lowest median tax rate of 1.67%. Understanding how these figures compare with Galena provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galena Tax Rate
1.67%
Average Delaware County Tax Rate
1.78%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galena, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43021 | 1.37% | 1.46% | 1.67% | 1.86% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Galena, Ohio
In Galena, 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 Delaware 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 Galena, 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. The highest median tax bill in Galena is $8,647 in the 43021 zip code, while the lowest median tax bill is also $8,647 in the same zip code. Being aware of these valuation processes in Galena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Galena Assessed Value
$513,700
Average Delaware County Assessed Value
$406,400
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galena, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43021 | $281,200 | $406,400 | $513,700 | $640,700 | $825,000 |
Source: Ownwell
Property Tax Bills Across Galena, Ohio
In Galena, Delaware County, OH, property tax bills are determined by several key factors. The primary component is the assessed value of the property, which is derived from the market value. This assessed value is then multiplied by the local tax rate to calculate the tax bill. Homeowners in Galena face varying tax bills depending on their property's value. For instance, the 25th percentile tax bill is $6,502, while the 75th percentile reaches $11,242, and the 90th percentile climbs to $14,351. Comparatively, the national median property tax rate is 0.99%, but rates in Galena can result in significantly higher tax bills due to the area's property values. The median home price in Galena is $513,700, which contributes to the higher tax bills. This can significantly impact homeowners, influencing their annual budgeting and long-term financial planning. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Galena Tax Bill
$8,647
Average Delaware County Tax Bill
$7,016
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Galena, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43021 | $4,360 | $6,502 | $8,647 | $11,242 | $14,351 |
Source: Ownwell