Marengo, Ohio Property Taxes
The median property tax rate in Marengo, Ohio is 1.18%, which is higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With a median home value of $423,500 in Marengo, the typical annual property tax bill reaches $5,003, significantly surpassing the national median of $2,690. Property taxes in Marengo are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Marengo'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 Marengo or another part of Delaware County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Marengo, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$4,997
$4,637
Ownwell’s Marengo Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Marengo. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Marengo to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities, making it easier to plan and budget effectively. For those interested in more detailed insights, you can explore trends on a neighborhood level by scrolling down for localized information. Your property’s assessed value, determined by the county, is crucial for these calculations, taking into account any applicable exemptions.
Property Tax Rates Across Marengo, Ohio
Property taxes in Marengo, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marengo is 1.18%, surpassing both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Marengo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marengo 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 Marengo's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43334 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Marengo provides valuable insights into the varying tax landscape across Morrow County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marengo Tax Rate
1.18%
Average Delaware County Tax Rate
1.78%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marengo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43334 | 1.05% | 1.17% | 1.18% | 1.20% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Marengo, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Marengo, Ohio. The market value represents 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 local 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 Marengo, 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. For instance, the median home price in Marengo is $423,500, with tax bills ranging from $3,309 at the 25th percentile to $7,578 at the 90th percentile. The highest and lowest median tax bills in the area are both $5,003, found in the 43334 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marengo Assessed Value
$423,500
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 Marengo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43334 | $206,020 | $311,700 | $423,500 | $512,150 | $637,370 |
Source: Ownwell
Property Tax Bills Across Marengo, Ohio
Property tax bills in Marengo, located in Delaware County, Ohio, are calculated based on the assessed value of a property. The county assessor determines this value, which is a percentage of the property's market value. Once the assessed value is established, local tax rates, set by various taxing authorities such as school districts and local governments, are applied to calculate the final tax bill. For homeowners in Marengo, the tax bill can vary significantly. The 25th percentile tax bill is around $3,309, while the 75th percentile tax bill reaches $6,257, and the 90th percentile can go up to $7,578. These figures illustrate the range of property tax burdens homeowners might face. Compared to the national median property tax rate of 0.99%, Marengo's property tax bills reflect the local market conditions and tax rates. High property taxes can impact homeowners by increasing the overall cost of homeownership, making it crucial for them to understand how these taxes are calculated and what factors influence their annual bills.
Average Marengo Tax Bill
$5,003
Average Delaware County Tax Bill
$7,016
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Marengo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43334 | $2,423 | $3,309 | $5,003 | $6,257 | $7,578 |
Source: Ownwell