Grafton, Ohio Property Taxes
The median property tax rate in Grafton, OH is 1.68%, which is considerably higher than the national median of 0.99% but slightly lower than Ohio's state median of 1.80%. With a median home value of $179,550 in Grafton, the typical annual property tax bill reaches $2,975, surpassing the national median of $2,690. Property taxes in Grafton 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 Grafton'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 Grafton or another part of Lorain County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grafton, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$3,016
$2,799
Ownwell’s Grafton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grafton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grafton 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 Grafton, Ohio
Property taxes in Grafton, Ohio, play a critical role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grafton is 1.68%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Grafton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grafton 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 Grafton's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44044 zip code has the highest median property tax rate of 1.68%, while the same zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Grafton provides valuable insights into the varying tax landscape across Lorain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grafton Tax Rate
1.68%
Average Lorain County Tax Rate
1.82%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grafton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44044 | 1.44% | 1.63% | 1.68% | 1.73% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Grafton, Ohio
In Grafton, 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 Lorain 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 Grafton, 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 Grafton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 44044 at $2,976, while the lowest is also 44044 at $2,976.
Average Grafton Assessed Value
$179,550
Average Lorain County Assessed Value
$141,300
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grafton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44044 | $94,290 | $129,260 | $179,550 | $274,710 | $358,930 |
Source: Ownwell
Property Tax Bills Across Grafton, Ohio
In Grafton, located in Lorain County, OH, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Grafton is $179,550. Homeowners can expect their property tax bill to be influenced by local tax rates and various levies imposed by the county and city. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. For Grafton, property tax bills can vary significantly. At the 25th percentile, homeowners face an annual tax bill of $2,121, while those at the 75th percentile pay around $4,511. For the top 10% of properties, the tax bill can be as high as $5,948 annually. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Grafton's rates reflect the specific needs and budgetary requirements of Lorain County, influencing how much homeowners contribute annually.
Average Grafton Tax Bill
$2,975
Average Lorain County Tax Bill
$2,507
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Grafton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44044 | $1,501 | $2,122 | $2,976 | $4,511 | $5,948 |
Source: Ownwell