Croton, Licking County, Ohio Property Taxes
The median property tax rate in Croton, Ohio is 2.34%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Croton, the typical annual property tax bill reaches $3,866, exceeding the national median of $2,690. Property taxes in Croton 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 Croton'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 Croton 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
Croton, Licking County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$3,971
$3,685
Ownwell’s Croton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Croton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Croton 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 Croton, Licking County, Ohio
Property taxes in Croton, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Croton is 1.23%, higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Croton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Croton 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 Croton's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43013 zip code has the highest median property tax rate of 2.34%, while the same zip code also has the lowest median tax rate of 2.34%. Understanding how these cities compare with Croton provides valuable insights into the varying tax landscape across Licking County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Croton Tax Rate
2.34%
Average Licking County Tax Rate
2.22%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Croton, Licking County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43013 | 1.03% | 2.34% | 2.34% | 2.44% | 2.44% |
Source: Ownwell
Property Tax Assessment Values Across Croton, Licking County, Ohio
In Croton, 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 Licking 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 Croton, 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 Croton 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 $3866 in the 43013 zip code, while the lowest median tax bill is also $3866 in the same zip code.
Property Tax Assessment Values Across Croton, Licking County, Ohio
Source: Ownwell
$7,100
$149,200
$291,300
Average Croton Assessed Value
$169,700
Average Licking County Assessed Value
$163,800
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Croton, Licking County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43013 | $51,060 | $94,700 | $169,700 | $254,650 | $343,580 |
Source: Ownwell
Property Tax Bills Across Croton, Licking County, Ohio
In Croton, located in Licking County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Croton is $169,700. Local tax rates are then applied to this assessed value to determine the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value, leading to variations in tax bills. Homeowners in Croton can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $2,096, whereas it rises to $5,706 at the 75th percentile, and reaches $7,271 at the 90th percentile. These figures indicate a broad range in tax obligations depending on the specific property and its assessed value. Compared to the national median property tax rate of 0.99%, Croton's property taxes can be relatively high, impacting homeowners' annual expenses significantly.
Average Croton Tax Bill
$3,866
Average Licking County Tax Bill
$3,689
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Croton, Licking County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43013 | $437 | $2,096 | $3,866 | $5,706 | $7,271 |
Source: Ownwell