Diamond, Ohio Property Taxes
The median property tax rate in Diamond, OH is 1.43%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Diamond at $158,900, the typical annual property tax bill reaches $2,232, exceeding the national median of $2,690. Property taxes in Diamond 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 Diamond'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 Diamond 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
Diamond, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Diamond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Diamond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Diamond 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 Diamond, Ohio
Property taxes in Diamond, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Diamond is 1.43%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Diamond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Diamond 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 Diamond's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44412 zip code has both the highest and lowest median property tax rate of 1.43%. Understanding how these cities compare with Diamond 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 Diamond Tax Rate
1.43%
Average Portage County Tax Rate
1.68%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Diamond, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44412 | 1.20% | 1.42% | 1.43% | 1.46% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Diamond, Ohio
In Diamond, 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 Diamond, 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 Diamond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 44412, with a value of $2,232, and the lowest median tax bill is also in the same zip code with the same value.
Average Diamond Assessed Value
$158,900
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 Diamond, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44412 | $86,040 | $120,925 | $158,900 | $200,425 | $260,060 |
Source: Ownwell
Property Tax Bills Across Diamond, Ohio
In Diamond, located in Portage County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the property's market value. For instance, with a median home price of $158,900, the assessed value is a key factor in determining the tax bill. Several factors influence the tax bill, including local tax rates and any applicable exemptions. The tax rate in Diamond is applied to the assessed value to calculate the annual property tax bill. Homeowners in Diamond can expect to see tax bills vary significantly, with the 25th percentile at $1,654 and the 75th percentile at $2,824. At the 90th percentile, tax bills can reach up to $3,643. Comparatively, the national median property tax rate is 0.99%, and Diamond's tax bills reflect a range that can be higher or lower depending on specific property assessments and local tax rates. This variability affects homeowners by influencing their annual financial obligations related to property ownership.
Average Diamond Tax Bill
$2,232
Average Portage County Tax Bill
$2,735
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Diamond, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44412 | $1,134 | $1,654 | $2,232 | $2,824 | $3,643 |
Source: Ownwell