Macedonia, Ohio Property Taxes
The median property tax rate in Macedonia, OH is 1.49%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Macedonia at $273,060, the typical annual property tax bill reaches $4,008, exceeding the national median of $2,690. Property taxes in Macedonia 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 Macedonia'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 Macedonia or another part of Summit County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Macedonia, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$4,069
$3,776
Ownwell’s Macedonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Macedonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Macedonia 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 Macedonia, Ohio
Property taxes in Macedonia, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Macedonia is 1.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within Macedonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Macedonia 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 Macedonia's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44056 zip code has both the highest and lowest median property tax rate of 1.49%. Understanding how these cities compare with Macedonia provides valuable insights into the varying tax landscape across Summit County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Macedonia Tax Rate
1.49%
Average Summit County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Macedonia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44056 | 1.30% | 1.41% | 1.49% | 1.55% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Macedonia, Ohio
In Macedonia, 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 Summit 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 Macedonia, 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 Macedonia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4008, found in the 44056 zip code.
Average Macedonia Assessed Value
$273,060
Average Summit County Assessed Value
$168,880
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Macedonia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44056 | $180,742 | $211,788 | $273,060 | $349,080 | $421,201 |
Source: Ownwell
Property Tax Bills Across Macedonia, Ohio
In Macedonia, Summit 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. Several factors influence this calculation, including the property's location, its assessed value, and applicable exemptions. Homeowners in Macedonia experience a range of tax bills. At the 25th percentile, the tax bill is around $3,067, while at the 75th percentile, it reaches approximately $5,201. For those at the 90th percentile, the tax bill can soar to $6,552. Comparatively, the national median property tax rate stands at 0.99%, highlighting the variability in property taxes across different regions. These property tax bills significantly impact homeowners by influencing overall housing affordability and financial planning. Understanding these factors is crucial for homeowners to anticipate and manage their annual property tax obligations effectively.
Average Macedonia Tax Bill
$4,008
Average Summit County Tax Bill
$2,683
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Macedonia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44056 | $2,628 | $3,067 | $4,008 | $5,201 | $6,552 |
Source: Ownwell