Galloway, Madison County, Ohio Property Taxes
The median property tax rate in Galloway, OH is 2.12%, significantly higher than both the national median of 0.99% and the Ohio state median of 1.80%. With a median home value of $169,380 in Galloway, the typical annual property tax bill reaches $3,701, surpassing the national median of $2,690. Property taxes in Galloway 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 Galloway'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 Galloway 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
Galloway, Madison County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.12%
Estimate Property Tax Bill
$3,591
$3,332
Ownwell’s Galloway Property Tax Bill Calculator empowers homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Galloway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galloway to provide an accurate estimate of your property tax bill. This intuitive tool helps you understand potential tax liabilities, ensuring you are well-informed. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Galloway, Madison County, Ohio
Property taxes in Galloway, Ohio, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Galloway is 2.12%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Galloway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galloway 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 Galloway's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43119 zip code has the highest median property tax rate of 2.12%, while the 43119 zip code also has the lowest median tax rate of 2.12%. Understanding how these cities compare with Galloway provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galloway Tax Rate
2.12%
Average Madison County Tax Rate
1.59%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galloway, Madison County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43119 | 1.68% | 1.93% | 2.12% | 2.18% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Galloway, Madison County, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Galloway, 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 Madison 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 Galloway, 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 Galloway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 43119 has the highest and lowest median tax bill, both at $3,701, indicating a unique uniformity in this area.
Property Tax Assessment Values Across Galloway, Madison County, Ohio
Source: Ownwell
$78,580
$165,693
$252,805
Average Galloway Assessed Value
$169,380
Average Madison County Assessed Value
$142,200
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galloway, Madison County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43119 | $3,958 | $28,000 | $169,380 | $455,870 | $599,262 |
Source: Ownwell
Property Tax Bills Across Galloway, Madison County, Ohio
In Galloway, located in Madison County, OH, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is a percentage of the property's market value, determined by the county's appraisal office. Homeowners in Galloway face property tax bills that vary widely, reflecting the diverse range of property values within the area. For instance, the 25th percentile tax bill in Galloway is around $497, while the 75th percentile tax bill can reach up to $9,861. At the higher end, the 90th percentile tax bill is approximately $12,817. These figures illustrate the significant impact property taxes can have on homeowners, depending on the value of their property. Galloway's median property tax rate is comparable to the national median of 0.99%, making it essential for homeowners to understand how their property is assessed and what factors influence their tax obligations. Knowing these details can help residents budget more effectively and plan for any potential increases in their property tax bills.
Average Galloway Tax Bill
$3,701
Average Madison County Tax Bill
$2,428
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Galloway, Madison County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43119 | $62 | $497 | $3,701 | $9,861 | $12,817 |
Source: Ownwell