Sycamore, Ohio Property Taxes
The median property tax rate in Sycamore, OH is 1.20%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $155,950, the typical annual property tax bill in Sycamore is $1,848, falling below the national median of $2,690. Property taxes here are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Sycamore'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 Sycamore 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
Sycamore, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$1,871
Ownwell’s Sycamore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sycamore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sycamore 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 Sycamore, Ohio
Property taxes in Sycamore, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sycamore is 1.25%, which is higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Sycamore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sycamore 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 Sycamore's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44882 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Sycamore provides valuable insights into the varying tax landscape across Seneca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sycamore Tax Rate
1.20%
Average Seneca County Tax Rate
1.43%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sycamore, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44882 | 0.50% | 0.98% | 1.20% | 1.25% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Sycamore, Ohio
In Sycamore, 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 Seneca 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 Sycamore, 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 Sycamore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 44882 has the highest and lowest median tax bill, both at $1,848.
Average Sycamore Assessed Value
$155,950
Average Seneca County Assessed Value
$95,080
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sycamore, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44882 | $100,368 | $124,495 | $155,950 | $287,410 | $563,898 |
Source: Ownwell
Property Tax Bills Across Sycamore, Ohio
In Sycamore, Seneca County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors, such as property size, location, and any improvements or renovations, can influence the assessed value. For example, the 25th percentile tax bill in Sycamore is $1,446, while the 75th percentile tax bill is $2,813, indicating a range of tax burdens depending on property valuations. The 90th percentile tax bill reaches up to $3,883, reflecting higher-valued properties or those with significant improvements. Comparatively, the national median property tax rate is 0.99%, and Sycamore's tax rates can be seen as competitive within this context. Homeowners should be aware that their property tax bills can significantly impact their annual housing costs, making it crucial to understand how these taxes are assessed and calculated.
Average Sycamore Tax Bill
$1,848
Average Seneca County Tax Bill
$1,391
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Sycamore, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44882 | $1,138 | $1,446 | $1,848 | $2,813 | $3,883 |
Source: Ownwell