Akron, Ohio Property Taxes
The median property tax rate in Akron, OH is 1.33%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Akron, the typical annual property tax bill reaches $4,567, exceeding the national median of $2,690. Property taxes in Akron 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 Akron'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 Akron 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
Akron, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$4,620
$4,288
Ownwell’s Akron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Akron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Akron 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 Akron, Ohio
Property taxes in Akron, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Akron is 1.56%, higher than the Ohio state median of 1.41% and the U.S. national median of 0.99%. Local government entities within Akron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Akron 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 Akron's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44333 zip code has the highest median property tax rate of 1.56%, while the 44333 zip code also has the lowest median tax rate of 1.56%. Understanding how these cities compare with Akron provides valuable insights into the varying tax landscape across Summit County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Akron Tax Rate
1.33%
Average Medina County Tax Rate
1.53%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Akron, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44333 | 1.21% | 1.26% | 1.33% | 1.33% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Akron, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Akron, 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 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. 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. For example, the median home price in Akron is $347,400, with property tax bills ranging from $3,665 at the 25th percentile to $6,140 at the 90th percentile. The highest median tax bill is in zip code 44333, amounting to $4,567. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Akron Assessed Value
$347,400
Average Medina County Assessed Value
$233,850
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Akron, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44333 | $250,320 | $283,390 | $347,400 | $420,940 | $466,268 |
Source: Ownwell
Property Tax Bills Across Akron, Ohio
In Akron, located in Medina County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county's appraisal district. The assessed value is a percentage of the property's market value. Homeowners in Akron face varying tax bills, influenced by several factors including the property's location, market conditions, and any applicable exemptions. For instance, the median home price in Akron is $347,400. The property tax rate in Akron is higher than the national median of 0.99%, leading to substantial tax bills. Homeowners in the 25th percentile pay around $3,665, while those in the 75th percentile see bills closer to $5,549. At the 90th percentile, tax bills can reach up to $6,140. The highest median tax bill in the area is $4,567, found in the 44333 zip code. These taxes fund essential public services, impacting homeowners' finances and the overall community infrastructure.
Average Akron Tax Bill
$4,567
Average Medina County Tax Bill
$3,537
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Akron, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44333 | $3,088 | $3,665 | $4,567 | $5,549 | $6,140 |
Source: Ownwell