Wakefield, Ohio Property Taxes
The median property tax rate in Wakefield, OH is 1.07%, slightly higher than the national median of 0.99% but significantly lower than the Ohio state median of 1.80%. With the median home value in Wakefield at $26,680, the typical annual property tax bill is $286, which is well below the national median of $2,690. Property taxes in Wakefield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wakefield'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 Wakefield or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wakefield, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$285
Ownwell’s Wakefield Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wakefield with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Wakefield to provide an estimated property tax bill. This intuitive tool aids in understanding potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and considers any applicable exemptions.
Property Tax Rates Across Wakefield, Ohio
Property taxes in Wakefield, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wakefield is 1.07%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Wakefield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wakefield 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 Wakefield's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45687 zip code has the highest median property tax rate of 1.07%, while the 45687 zip code has the lowest median tax rate of 1.07%. Understanding how these cities compare with Wakefield provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wakefield Tax Rate
1.07%
Average Pike County Tax Rate
1.23%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wakefield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45687 | 0.21% | 0.54% | 1.07% | 1.09% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Wakefield, Ohio
In Wakefield, 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 Pike 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 Wakefield, 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 Wakefield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 45687 has both the highest and lowest median tax bills, each at $286, compared to the national median property tax rate of 0.99%.
Average Wakefield Assessed Value
$26,680
Average Pike County Assessed Value
$47,540
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wakefield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45687 | $10,968 | $16,860 | $26,680 | $34,225 | $38,752 |
Source: Ownwell
Property Tax Bills Across Wakefield, Ohio
In Wakefield, Ohio, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $26,680, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors such as property location, improvements, and market conditions also play a role in determining the assessed value. The tax bill in Wakefield ranges significantly, with the 25th percentile at $143 and the 75th percentile at $373, indicating a broad spectrum of property values and tax obligations within the community. At the higher end, the 90th percentile tax bill is $425. Compared to the national median property tax rate of 0.99%, Wakefield's property tax rate impacts homeowners differently, potentially making it more affordable for some, while others might find it more burdensome. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Wakefield Tax Bill
$286
Average Pike County Tax Bill
$512
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Wakefield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45687 | $57 | $143 | $286 | $373 | $425 |
Source: Ownwell