Canfield, Ohio Property Taxes
The median property tax rate in Canfield, OH is 1.82%, slightly higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Canfield being $181,100, the typical annual property tax bill reaches $3,290, surpassing the national median of $2,690. Property taxes in Canfield are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Canfield'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 Canfield or another part of Mahoning County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Canfield, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.82%
Estimate Property Tax Bill
$3,296
Ownwell’s Canfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canfield 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 Canfield, Ohio
Property taxes in Canfield, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canfield is 1.82%, significantly higher than the U.S. national median of 0.99%. Local government entities within Canfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canfield 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 Canfield's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44406 zip code has the highest median property tax rate of 1.82%, while the same zip code also has the lowest median tax rate of 1.82%. Understanding how these cities compare with Canfield provides valuable insights into the varying tax landscape across Mahoning County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canfield Tax Rate
1.82%
Average Mahoning County Tax Rate
1.98%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44406 | 1.57% | 1.76% | 1.82% | 1.88% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Canfield, Ohio
In Canfield, 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 Mahoning 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 Canfield, 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 Canfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 44406, with a tax bill of $3,290.
Average Canfield Assessed Value
$181,100
Average Mahoning County Assessed Value
$80,890
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44406 | $94,940 | $123,540 | $181,100 | $271,800 | $372,662 |
Source: Ownwell
Property Tax Bills Across Canfield, Ohio
In Canfield, located in Mahoning County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $181,100, homeowners can expect a median tax bill of around $3,290. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Homeowners in Canfield face a range of property tax bills, with the 25th percentile at $2,238 and the 75th percentile at $4,934. The 90th percentile sees even higher bills, up to $6,727. These variations highlight the impact of different property characteristics and local tax rates. Compared to the national median property tax rate of 0.99%, Canfield's property taxes are relatively consistent, ensuring that homeowners contribute fairly to community services and infrastructure.
Average Canfield Tax Bill
$3,290
Average Mahoning County Tax Bill
$1,534
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Canfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44406 | $1,650 | $2,238 | $3,290 | $4,934 | $6,727 |
Source: Ownwell