Medina, Ohio Property Taxes
The median property tax rate in Medina, OH is 1.73%, considerably higher than the national median of 0.99% but slightly lower than the Ohio state median of 1.80%. With the median home value in Medina at $149,220, the typical annual property tax bill reaches $2,638, just under the national median of $2,690. Property taxes in Medina 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 Medina'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 Medina 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
Medina, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.73%
Estimate Property Tax Bill
$2,582
$2,396
Ownwell’s Medina Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medina with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medina 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 Medina, Ohio
Property taxes in Medina, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medina is 1.73%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Medina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medina 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 Medina's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44256 zip code has the highest median property tax rate of 1.73%, while the same zip code also has the lowest median tax rate of 1.73%. Understanding how these areas compare with Medina provides valuable insights into the varying tax landscape across Medina County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medina Tax Rate
1.73%
Average Lorain County Tax Rate
1.82%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medina, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44256 | 1.47% | 1.72% | 1.73% | 1.76% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Medina, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Medina, Ohio. 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 Medina 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 Medina, 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 Medina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Medina is $2,638 in the 44256 zip code, while the lowest median tax bill is also $2,638 in the same zip code.
Average Medina Assessed Value
$149,220
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 Medina, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44256 | $92,786 | $113,520 | $149,220 | $204,220 | $260,580 |
Source: Ownwell
Property Tax Bills Across Medina, Ohio
Property tax bills in Medina, situated in Lorain County, OH, are determined based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the property's market value, which in Medina averages around $149,220. The local tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or abatements. Homeowners in Medina can expect their property tax bills to vary. For instance, the 25th percentile tax bill is approximately $1,951, while the 75th percentile reaches around $3,467. At the higher end, the 90th percentile tax bill can be as much as $4,573. Comparatively, Medina's median property tax bill stands at $2,638, which is significantly higher than the national median property tax rate of 0.99%. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners in the area.
Average Medina Tax Bill
$2,638
Average Lorain County Tax Bill
$2,507
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Medina, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44256 | $1,640 | $1,951 | $2,638 | $3,467 | $4,573 |
Source: Ownwell