Fayette, Ohio Property Taxes
The median property tax rate in Fayette, OH is 1.78%, slightly lower than the Ohio state median of 1.80% but still considerably higher than the national median of 0.99%. With the median home value in Fayette at $72,300, the typical annual property tax bill amounts to $1,297, which is below the national median of $2,690. Property taxes in Fayette are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Fayette'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 Fayette 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
Fayette, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.78%
Estimate Property Tax Bill
$1,287
Ownwell’s Fayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayette 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 Fayette, Ohio
Property taxes in Fayette, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayette is 1.78%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Fayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayette 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 Fayette's effective property tax rate to other counties in Ohio and the national median. For comparison, the highest median property tax rate in the area is also 1.78% in the zip code 43521, while the lowest median tax rate is the same at 1.78% in the same zip code. Understanding how these cities compare with Fayette provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fayette Tax Rate
1.78%
Average Fulton County Tax Rate
1.94%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayette, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43521 | 1.32% | 1.61% | 1.78% | 1.87% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Fayette, Ohio
In Fayette, 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 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 Fayette, 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 Fayette is $72,300, with tax bills ranging from $865 at the 25th percentile to $2,679 at the 90th percentile. The zip code with the highest median tax bill is 43521, amounting to $1,297. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Fayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fayette Assessed Value
$72,300
Average Fulton County Assessed Value
$117,800
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayette, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43521 | $4,400 | $44,800 | $72,300 | $105,800 | $151,500 |
Source: Ownwell
Property Tax Bills Across Fayette, Ohio
In Fayette, Ohio, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, with a median home price of $72,300, the assessed value is determined by local tax authorities. Fayette's property tax rate is then applied to this assessed value to compute the annual tax bill. Homeowners in Fayette can expect a range of property tax bills. The 25th percentile tax bill is around $865, while the 75th percentile reaches approximately $1,892, and the 90th percentile can be as high as $2,679. These figures indicate a significant variance depending on property values and specific tax rates applied. Compared to the national median property tax rate of 0.99%, Fayette's tax rates can be relatively higher, impacting homeowners' financial planning and overall cost of living. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Fayette Tax Bill
$1,297
Average Fulton County Tax Bill
$2,396
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayette, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43521 | $361 | $865 | $1,297 | $1,892 | $2,679 |
Source: Ownwell