Cortland, Ohio Property Taxes
The median property tax rate in Cortland, OH is 2.21%, significantly higher than both the national median of 0.99% and Ohio's state median of 1.80%. With a median home value of $68,390 in Cortland, the typical annual property tax bill amounts to $1,508, surpassing the national median of $2,690. Property taxes in Cortland are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cortland'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 Cortland 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
Cortland, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$1,511
$1,403
Ownwell’s Cortland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cortland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cortland 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 Cortland, Ohio
Property taxes in Cortland, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cortland is 1.07%, which is higher than the Ohio state median of 1.36% but falls above the U.S. national median of 0.99%. Local government entities within Cortland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cortland 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 Cortland's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44410 zip code has the highest median property tax rate of 1.07%, while the same 44410 zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Cortland 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 Cortland Tax Rate
2.21%
Average Mahoning County Tax Rate
1.98%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cortland, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44410 | 2.21% | 2.21% | 2.21% | 2.21% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Cortland, Ohio
In Cortland, 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 Cortland, 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 Cortland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cortland are both $1508, found in the 44410 zip code.
Average Cortland Assessed Value
$68,390
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 Cortland, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44410 | $68,390 | $68,390 | $68,390 | $68,390 | $68,390 |
Source: Ownwell
Property Tax Bills Across Cortland, Ohio
In Cortland, located in Mahoning County, OH, property tax bills are calculated based on the assessed value of a property and the applicable tax rate. The median home price in Cortland is $68,390. Property taxes are determined by multiplying the assessed value by the local tax rate. For instance, if the assessed value of a home is $68,390, the property tax bill would be calculated accordingly. Factors that influence the tax bill include the property's assessed value, which is typically a percentage of its market value, and the specific tax rate set by local authorities. In Cortland, the tax bill remains consistent across various percentiles, with the 25th, 75th, and 90th percentiles all at $1,508. This uniformity indicates a stable property tax environment. Compared to the national median property tax rate of 0.99%, Cortland's property tax rate can be considered moderate. For homeowners, understanding these factors helps in budgeting for annual expenses and anticipating any changes due to property reassessments or rate adjustments.
Average Cortland Tax Bill
$1,508
Average Mahoning County Tax Bill
$1,534
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Cortland, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44410 | $1,508 | $1,508 | $1,508 | $1,508 | $1,508 |
Source: Ownwell