Richwood, Ohio Property Taxes
The median property tax rate in Richwood, Ohio is 1.46%, which is considerably higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With a median home value of $164,370 in Richwood, the typical annual property tax bill amounts to $2,448, falling below the national median of $2,690. Property taxes in Richwood are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Richwood'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 Richwood or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richwood, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$2,400
Ownwell’s Richwood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Richwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richwood to provide a reliable estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed insights, scroll down to explore trends at the neighborhood level. Your property’s assessed value, determined by Marion County, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Richwood, Ohio
Property taxes in Richwood, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richwood is 1.46%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Richwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richwood 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 Richwood's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 43344 has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these cities compare with Richwood 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 Richwood Tax Rate
1.46%
Average Marion County Tax Rate
1.35%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43344 | 1.32% | 1.45% | 1.46% | 1.49% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Richwood, Ohio
In Richwood, 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 local 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 Richwood, 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 Richwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $2,448 in the 43344 zip code, reflecting the consistent property values in the area.
Average Richwood Assessed Value
$164,370
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 Richwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43344 | $100,032 | $121,300 | $164,370 | $257,565 | $357,712 |
Source: Ownwell
Property Tax Bills Across Richwood, Ohio
In Richwood, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the Marion County Assessor's Office. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $164,370, homeowners can expect varying tax bills depending on their specific property assessments and applicable exemptions. Factors considered in determining the tax bill include the property's location, size, and condition, as well as any improvements made to the property. The tax rate in Richwood is influenced by local budgetary needs and voter-approved levies, which fund public services such as schools, infrastructure, and emergency services. Homeowners in Richwood experience a range of tax bills, with the 25th percentile at $1,754 and the 75th percentile at $4,032, while the 90th percentile can reach up to $5,540. These property taxes significantly impact homeowners' annual expenses, making it crucial for them to understand how their tax bill is calculated and what factors influence it.
Average Richwood Tax Bill
$2,448
Average Marion County Tax Bill
$1,434
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Richwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43344 | $1,456 | $1,754 | $2,448 | $4,032 | $5,540 |
Source: Ownwell