Marion, Ohio Property Taxes
The median property tax rate in Marion, OH is 1.34%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Marion, the typical annual property tax bill reaches $1,316, which is below the national median of $2,690. Property taxes in Marion 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 Marion'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 Marion 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
Marion, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$1,257
$1,166
Ownwell’s Marion Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Marion, Ohio. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Marion to provide an estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, localized information is available by exploring neighborhood trends. Your property’s assessed value, determined by the county, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Marion, Ohio
Property taxes in Marion, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marion is 1.34%, which is significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Marion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marion 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 Marion's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 43302 has the highest median property tax rate of 1.34%, while the same zip code also has the lowest median tax rate of 1.34%. Understanding how these areas compare with Marion provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marion Tax Rate
1.34%
Average Marion County Tax Rate
1.35%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marion, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43302 | 1.06% | 1.31% | 1.34% | 1.44% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Marion, Ohio
In Marion, 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 Marion 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 Marion, 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. For instance, the median home price in Marion is $93,800, with annual tax bills ranging from $872 at the 25th percentile to $3,182 at the 90th percentile. The highest and lowest median tax bills are both found in the 43302 zip code, with a value of $1,316. Being aware of these valuation processes in Marion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marion Assessed Value
$93,800
Average Marion County Assessed Value
$101,515
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marion, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43302 | $38,772 | $62,430 | $93,800 | $154,778 | $225,630 |
Source: Ownwell
Property Tax Bills Across Marion, Ohio
In Marion, OH, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. For instance, with a median home price of $93,800 in Marion, the tax bill can vary significantly based on the home's assessed value and the local tax rate. Homeowners in Marion can expect tax bills ranging from $872 at the 25th percentile to $3,182 at the 90th percentile. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. The highest median tax bill in the area is $1,316, which is also the lowest, indicating a consistent tax rate across the region. Compared to the national median property tax rate of 0.99%, Marion's property taxes can have a substantial impact on homeowners, affecting their overall housing costs and financial planning.
Average Marion Tax Bill
$1,316
Average Marion County Tax Bill
$1,434
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Marion, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43302 | $550 | $872 | $1,316 | $2,142 | $3,182 |
Source: Ownwell