Hiram, Ohio Property Taxes
The median property tax rate in Hiram, Ohio is 1.54%, which is considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Hiram at $185,700, the typical annual property tax bill reaches $2,777, just below the national median of $2,690. Property taxes in Hiram 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 Hiram'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 Hiram 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
Hiram, 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 Hiram Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hiram with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hiram 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 Hiram, Ohio
Property taxes in Hiram, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hiram is 1.54%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Hiram set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hiram 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 Hiram's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44234 zip code has the highest median property tax rate of 1.54%, while the same zip code also has the lowest median tax rate of 1.54%. Understanding how these cities compare with Hiram 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 Hiram Tax Rate
1.54%
Average Portage County Tax Rate
1.68%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hiram, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44234 | 1.34% | 1.50% | 1.54% | 1.56% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Hiram, Ohio
In Hiram, 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 Hiram, 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 Hiram helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,777 in the 44234 zip code, while the lowest median tax bill is also $2,777 in the same zip code.
Average Hiram Assessed Value
$185,700
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 Hiram, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44234 | $92,700 | $139,000 | $185,700 | $244,000 | $302,200 |
Source: Ownwell
Property Tax Bills Across Hiram, Ohio
In Hiram, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Portage County can expect their property tax bills to be influenced by several factors, including the local tax rate and the assessed value of their property. The median home price in Hiram is $185,700, and property tax bills can vary significantly. For instance, the tax bill for homes in the 25th percentile is around $2,006, while those in the 75th percentile can see bills as high as $3,703. The highest tax bills, in the 90th percentile, can reach up to $4,595. Comparatively, Hiram’s property tax rate is higher than the national median property tax rate of 0.99%. This means that homeowners in Hiram may pay more in property taxes than the average American homeowner, which can affect the overall affordability and cost of living in the area.
Average Hiram Tax Bill
$2,777
Average Portage County Tax Bill
$2,735
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Hiram, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44234 | $1,333 | $2,006 | $2,777 | $3,703 | $4,595 |
Source: Ownwell