Akron, Ohio Property Taxes
The median property tax rate in Akron, OH is 1.72%, which is considerably higher than the national median of 0.99%, yet slightly below the Ohio state median of 1.80%. With a median home value of $177,800 in Akron, the typical annual property tax bill reaches $3,120, surpassing 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
1.72%
Estimate Property Tax Bill
$3,058
$2,838
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 1.72%, significantly higher than both the Ohio state median 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 44312 zip code has the highest median property tax rate of 1.72%, while the same zip code also has the lowest median tax rate of 1.72%. Understanding how these cities compare with Akron provides valuable insights into the varying tax landscape across Portage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Akron Tax Rate
1.72%
Average Portage County Tax Rate
1.68%
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 |
|---|---|---|---|---|---|
| 44312 | 1.52% | 1.70% | 1.72% | 1.75% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Akron, Ohio
In Akron, 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 Portage 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 Akron, 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. Akron's property tax landscape shows a median home price of $177,800, with tax bills ranging from $2,566 at the 25th percentile to $6,780 at the 90th percentile. The highest median tax bill is $3,120 in the 44312 zip code, which is also the lowest. 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
$177,800
Average Portage County Assessed Value
$162,300
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 |
|---|---|---|---|---|---|
| 44312 | $117,290 | $146,675 | $177,800 | $287,975 | $404,240 |
Source: Ownwell
Property Tax Bills Across Akron, Ohio
In Akron, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Akron stands at $177,800. Tax rates are applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's location within Portage County, local tax levies, and any applicable exemptions or deductions. For homeowners, the tax burden can vary significantly. The 25th percentile tax bill is $2,566, while at the 75th percentile, it reaches $4,618. Those in the 90th percentile face a tax bill of $6,780. The highest median tax bill in the area is $3,120, found in the 44312 zip code, which also has the lowest median tax bill at the same amount. Compared to the national median property tax rate of 0.99%, Akron's rates can be a substantial financial consideration for homeowners, impacting affordability and long-term investment returns.
Average Akron Tax Bill
$3,120
Average Portage County Tax Bill
$2,735
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 |
|---|---|---|---|---|---|
| 44312 | $1,910 | $2,566 | $3,120 | $4,618 | $6,780 |
Source: Ownwell