Prospect, Delaware County, Ohio Property Taxes
The median property tax rate in Prospect, OH is 1.30%, higher than both the national median of 0.99% and Ohio's state median of 1.80%. With a median home value of $332,300, the typical annual property tax bill in Prospect reaches $4,091, significantly exceeding the national median of $2,690. Property taxes in Prospect are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Prospect'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 Prospect 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
Prospect, Delaware County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$4,320
$4,009
Ownwell’s Prospect Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prospect with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prospect 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 Prospect, Delaware County, Ohio
Property taxes in Prospect, Ohio, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Prospect stands at 1.30%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Prospect set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prospect 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 Prospect's effective property tax rate to other areas in Delaware County and the national median. For comparison, the zip code 43342 has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these areas compare with Prospect 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 Prospect Tax Rate
1.30%
Average Delaware County Tax Rate
1.78%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prospect, Delaware County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43342 | 1.13% | 1.28% | 1.30% | 1.31% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Prospect, Delaware County, Ohio
In Prospect, 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 Auditor 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 Prospect, 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 highest median tax bill in Prospect is $4091.00 in the 43342 zip code, while the lowest is also $4091.00 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Prospect, Delaware County, Ohio
Source: Ownwell
$143,300
$533,700
$924,100
Average Prospect Assessed Value
$332,300
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 Prospect, Delaware County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43342 | $173,980 | $222,000 | $332,300 | $449,150 | $542,650 |
Source: Ownwell
Property Tax Bills Across Prospect, Delaware County, Ohio
In Prospect, Delaware County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $332,300, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. Factors such as property size, location, and improvements can influence the assessed value. In Prospect, tax bills can range significantly; the 25th percentile tax bill is around $2,744, while the 75th percentile reaches approximately $5,623. At the 90th percentile, homeowners might pay up to $6,680 annually. These figures highlight the variability in property tax burdens within the community. Compared to the national median property tax rate of 0.99%, homeowners in Prospect face a diverse range of tax obligations, impacting their overall financial planning and homeownership costs. Understanding these factors is crucial for homeowners to anticipate and manage their property tax expenses effectively.
Average Prospect Tax Bill
$4,091
Average Delaware County Tax Bill
$7,016
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Prospect, Delaware County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43342 | $2,112 | $2,744 | $4,091 | $5,623 | $6,680 |
Source: Ownwell