Grand Rapids, Ohio Property Taxes
The median property tax rate in Grand Rapids, Ohio is 0.71%, considerably lower than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Grand Rapids at $336,340, the typical annual property tax bill amounts to $2,238, which is below the national median of $2,690. Property taxes in Grand Rapids are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grand Rapids' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Grand Rapids 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
Grand Rapids, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$2,388
$2,216
Ownwell’s Grand Rapids Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Rapids with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Rapids 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 Grand Rapids, Ohio
Property taxes in Grand Rapids, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Rapids is 1.33%, higher than both the Ohio state median of 1.41% and the U.S. national median of 0.99%. Local government entities within Grand Rapids set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Rapids 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 Grand Rapids's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43522 zip code has the highest median property tax rate of 1.33%, while the 43522 zip code has the lowest median tax rate of 1.33%. Understanding how these cities compare with Grand Rapids provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Rapids Tax Rate
0.71%
Average Henry County Tax Rate
0.78%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Rapids, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43522 | 0.61% | 0.65% | 0.71% | 0.75% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Grand Rapids, Ohio
In Grand Rapids, 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 Henry 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 Grand Rapids, 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 Grand Rapids is $336,340, with property tax bills ranging from $1,621 at the 25th percentile to $3,282 at the 90th percentile. 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 Grand Rapids helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grand Rapids Assessed Value
$336,340
Average Henry County Assessed Value
$213,460
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Rapids, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43522 | $144,948 | $225,040 | $336,340 | $414,820 | $495,752 |
Source: Ownwell
Property Tax Bills Across Grand Rapids, Ohio
In Grand Rapids, Ohio, 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 market value of the property, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Grand Rapids, the median home price stands at $336,340. Property tax bills vary significantly, with the 25th percentile at $1,621 and the 75th percentile reaching $3,057. The top 10% of tax bills can go as high as $3,282. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Grand Rapids homeowners may find their tax obligations to be relatively moderate or high. This financial burden can impact homeowners' budgeting and long-term financial planning, making it crucial to understand and manage property taxes effectively.
Average Grand Rapids Tax Bill
$2,238
Average Henry County Tax Bill
$1,746
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Rapids, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43522 | $1,192 | $1,621 | $2,238 | $3,057 | $3,282 |
Source: Ownwell