West Farmington, Ohio Property Taxes
The median property tax rate in West Farmington, OH is 1.44%, which is higher than both the national median of 0.99% and Ohio's state median of 1.80%. With a median home value of $107,700 in West Farmington, the typical annual property tax bill amounts to $1,555, surpassing the national median of $2,690. Property taxes in West Farmington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding West Farmington'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 West Farmington 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
West Farmington, 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 West Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Farmington 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 West Farmington, Ohio
Property taxes in West Farmington, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Farmington is 1.44%, significantly higher than the U.S. national median of 0.99%. Local government entities within West Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Farmington 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 West Farmington's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 44491 has the highest median property tax rate of 1.44%, while the same zip code has the lowest median tax rate of 1.44%. Understanding how these areas compare with West Farmington 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 West Farmington Tax Rate
1.44%
Average Portage County Tax Rate
1.68%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Farmington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44491 | 1.42% | 1.44% | 1.44% | 1.46% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across West Farmington, Ohio
In West Farmington, Ohio, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as 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 West Farmington, 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 West Farmington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in West Farmington is $107,700. The 25th percentile tax bill is $938, while the 75th percentile is $2,489, and the 90th percentile is $2,796. The zip code 44491 has both the highest and lowest median tax bill, valued at $1,555.
Average West Farmington Assessed Value
$107,700
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 West Farmington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44491 | $32,860 | $64,475 | $107,700 | $173,025 | $197,100 |
Source: Ownwell
Property Tax Bills Across West Farmington, Ohio
In West Farmington, OH, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $107,700, homeowners can expect varying tax bills. The 25th percentile tax bill is around $938, while the 75th percentile tax bill reaches up to $2,489, and the 90th percentile hits $2,796. These figures indicate a range of potential tax liabilities depending on the specific property value and applicable exemptions. Several factors influence the tax bill, including property size, location, and any improvements made. The local tax rate in West Farmington is a crucial determinant and can significantly impact homeowners' financial responsibilities. Compared to the national median property tax rate of 0.99%, West Farmington's rates may vary, affecting the overall affordability and cost of homeownership in the area. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average West Farmington Tax Bill
$1,555
Average Portage County Tax Bill
$2,735
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across West Farmington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44491 | $484 | $938 | $1,555 | $2,489 | $2,796 |
Source: Ownwell