Willow Wood, Ohio Property Taxes
The median property tax rate in Willow Wood, OH is 1.00%, slightly higher than the national median of 0.99% but significantly lower than Ohio's state median of 1.80%. With a median home value of $74,360, the typical annual property tax bill in Willow Wood is $711, which is well below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Willow Wood'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 Willow Wood 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
Willow Wood, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Willow Wood Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Willow Wood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willow Wood 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 Willow Wood, Ohio
Property taxes in Willow Wood, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Willow Wood is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Willow Wood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willow Wood 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 Willow Wood's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45696 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Willow Wood provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Willow Wood Tax Rate
1.00%
Average Lawrence County Tax Rate
1.02%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Willow Wood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45696 | 0.77% | 0.98% | 1.00% | 1.03% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Willow Wood, Ohio
In Willow Wood, 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 Lawrence 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 Willow Wood, 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. Being aware of these valuation processes in Willow Wood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $711.00, found in zip code 45696, while the lowest median tax bill is also $711.00, reflecting a consistent tax environment.
Average Willow Wood Assessed Value
$74,360
Average Lawrence County Assessed Value
$85,530
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Willow Wood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45696 | $10,114 | $26,905 | $74,360 | $119,575 | $163,424 |
Source: Ownwell
Property Tax Bills Across Willow Wood, Ohio
In Willow Wood, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value is a percentage of the property's market value. Various factors, such as property size, location, and improvements, influence this valuation. The median home price in Willow Wood is $74,360. Homeowners in the area can expect to pay property taxes that vary significantly. For instance, the 25th percentile tax bill is $261, while those in the 75th percentile pay around $1,150. The top 10% of property tax bills can reach up to $1,636. Comparatively, the national median property tax rate is 0.99%, making Willow Wood's property tax rates relatively moderate. These taxes fund essential local services, including schools, public safety, and infrastructure. Understanding how these factors contribute to your property tax bill can help homeowners budget effectively and potentially seek exemptions or appeals to lower their tax burden.
Average Willow Wood Tax Bill
$711
Average Lawrence County Tax Bill
$879
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Willow Wood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45696 | $94 | $261 | $711 | $1,150 | $1,636 |
Source: Ownwell