Medina, Ohio Property Taxes
The median property tax rate in Medina, OH is 1.57%, significantly higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $349,730 in Medina, the typical annual property tax bill reaches $5,635, far exceeding the national median of $2,690. Property taxes in Medina 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 Medina'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 Medina 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
Medina, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$5,491
$5,095
Ownwell’s Medina Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Medina with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medina to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, scrolling down will reveal more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Medina, Ohio
Property taxes in Medina, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medina is 1.57%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Medina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medina 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 Medina's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44256 zip code has the highest median property tax rate of 1.57%, while the same zip code also has the lowest median tax rate of 1.57%. Understanding how these cities compare with Medina 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 Medina Tax Rate
1.57%
Average Summit County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medina, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44256 | 1.55% | 1.56% | 1.57% | 1.75% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Medina, Ohio
In Medina, 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 Medina, 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. Awareness of these valuation processes in Medina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 44256 has the highest and lowest median tax bill, both at $5635.
Average Medina Assessed Value
$349,730
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 Medina, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44256 | $271,638 | $295,865 | $349,730 | $382,845 | $399,316 |
Source: Ownwell
Property Tax Bills Across Medina, Ohio
Property tax bills in Medina, located in Summit County, Ohio, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For example, if your home's market value is $349,730, the assessed value will be a portion of that figure. The local tax rate is then applied to the assessed value to determine the annual property tax bill. In Medina, property tax bills can vary significantly. Homeowners in the 25th percentile can expect a bill around $4,841, while those in the 75th percentile might see a bill closer to $6,228. At the 90th percentile, the tax bill can reach up to $6,475. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. While the national median property tax rate is 0.99%, Medina's tax rate can result in higher bills due to the local assessed values and specific rates applied.
Average Medina Tax Bill
$5,635
Average Summit County Tax Bill
$2,683
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Medina, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44256 | $4,521 | $4,841 | $5,635 | $6,228 | $6,475 |
Source: Ownwell