Waldo, Ohio Property Taxes
The median property tax rate in Waldo, OH is 1.62%, which is notably higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With a median home value of $142,000 in Waldo, the typical annual property tax bill amounts to $2,367, slightly below the national median of $2,690. Property taxes in Waldo are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Waldo'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 Waldo or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waldo, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.62%
Estimate Property Tax Bill
$2,300
$2,135
Ownwell’s Waldo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waldo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waldo 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 Waldo, Ohio
Property taxes in Waldo, Ohio, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Waldo is 1.62%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Waldo set these rates annually, and they can vary considerably across different neighborhoods. Each year, Waldo 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 Waldo's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43356 zip code has the highest median property tax rate of 1.62%, while the same zip code also has the lowest median tax rate of 1.62%. Understanding how these cities compare with Waldo provides valuable insights into the varying tax landscape across Morrow County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waldo Tax Rate
1.62%
Average Morrow County Tax Rate
1.58%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waldo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43356 | 1.40% | 1.59% | 1.62% | 1.63% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Waldo, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waldo, 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 Morrow 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 Waldo, 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 Waldo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Waldo is $2367 in the 43356 zip code, while the lowest median tax bill is also $2367 in the same zip code.
Average Waldo Assessed Value
$142,000
Average Morrow County Assessed Value
$98,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waldo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43356 | $61,940 | $119,100 | $142,000 | $239,100 | $269,360 |
Source: Ownwell
Property Tax Bills Across Waldo, Ohio
In Waldo, located in Morrow County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value typically represents a percentage of the home's market value. Factors such as property size, location, and improvements can influence this valuation. Once the assessed value is established, the local tax rate is applied to it. In Waldo, homeowners pay a median property tax rate that reflects the region's economic and infrastructural needs. For instance, the median home price in Waldo is $142,000. Homeowners in the 25th percentile pay around $1,789 annually, while those in the 75th percentile pay about $3,472. The top 10% of homeowners face tax bills up to $4,222. These tax bills fund essential community services like schools, roads, and emergency services, directly impacting the quality of life. Compared to the national median property tax rate of 0.99%, Waldo's rates ensure that local needs are adequately met while balancing homeowners' financial responsibilities.
Average Waldo Tax Bill
$2,367
Average Morrow County Tax Bill
$1,602
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Waldo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43356 | $1,174 | $1,789 | $2,367 | $3,472 | $4,222 |
Source: Ownwell