Hopewell, Ohio Property Taxes
The median property tax rate in Hopewell, OH is 2.37%, significantly higher than both the national median of 0.99% and Ohio's state median of 1.80%. With a median home value of $146,900 in Hopewell, the typical annual property tax bill reaches $3,345, well above the national median of $2,690. Property taxes in Hopewell 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 Hopewell'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 Hopewell 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
Hopewell, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.37%
Estimate Property Tax Bill
$3,482
Ownwell’s Hopewell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopewell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopewell 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 Hopewell, Ohio
Property taxes in Hopewell, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopewell is 1.52%, significantly higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Hopewell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopewell 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 Hopewell's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43746 zip code has the highest median property tax rate of 1.52%, while the same zip code also has the lowest median tax rate of 1.52%. Understanding how these cities compare with Hopewell 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 Hopewell Tax Rate
2.37%
Average Licking County Tax Rate
2.22%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopewell, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43746 | 1.54% | 2.37% | 2.37% | 2.37% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Hopewell, Ohio
In Hopewell, 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 Hopewell, 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. The zip code with the highest median tax bill is 43746, with a median tax bill of $3,345. By being aware of these valuation processes in Hopewell, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hopewell Assessed Value
$146,900
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 Hopewell, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43746 | $11,160 | $42,600 | $146,900 | $222,200 | $326,900 |
Source: Ownwell
Property Tax Bills Across Hopewell, Ohio
In Hopewell, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. Homeowners in Hopewell can expect a range of tax bills. For instance, the 25th percentile tax bill is $940, while the 75th percentile reaches $5,247, and the 90th percentile goes up to $6,328. The median home price in Hopewell is $146,900, which influences the overall tax burden. Several factors affect the tax bill, including the property's location, improvements made, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, the tax rates in Hopewell may vary, impacting homeowners differently based on their property's assessed value. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Hopewell Tax Bill
$3,345
Average Licking County Tax Bill
$3,689
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopewell, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43746 | $265 | $940 | $3,345 | $5,247 | $6,328 |
Source: Ownwell