New Franklin, Summit County, Ohio Property Taxes
Median New Franklin, OH effective property tax rate: 1.57%, significantly higher than the national median of 1.02%, but lower than the Ohio state median of 1.80%.
Median New Franklin, OH home value: $198,630
Median annual New Franklin, OH tax bill: $3,149, $749 higher than the national median property tax bill of $2,400.
How are property taxes in Summit County calculated?
Property taxes in New Franklin, OH are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding New Franklin’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Franklin, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
New Franklin, Summit County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.57%
Estimate Property Tax Bill
$3,118
$2,894
Property Tax Rates Across New Franklin, Summit County, Ohio
Local government entities determine tax rates, which can significantly differ within Ohio. This variation stems from each county's annual budget estimation to fund services, divided by the total value of all taxable property in its jurisdiction, resulting in the property tax rate. Although votes and laws influence the setting of tax rates and budgets, this is essentially the annual process.
In New Franklin, located in Summit County, the effective property tax rate is an important figure to consider. The median property tax rate in Ohio is 1.57%, which is above the national median of 1.02%. Within Ohio, tax rates can vary, with some areas having rates as high as 1.68% in certain zip codes, while others are as low as 1.41%. These figures highlight the diversity of property tax rates across the state.
Comparing New Franklin’s property tax rate to other cities in Ohio and the national median can provide valuable insights for homeowners and potential buyers. Understanding these rates is crucial for making informed decisions about property investments and financial planning.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective New Franklin Tax Rate
1.57%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Summit County Tax Rate
1.63%
Median Effective Ohio Tax Rate
1.80%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across New Franklin, Summit County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44203 | 1.25% | 1.34% | 1.47% | 1.69% | 1.87% |
| 44216 | 1.16% | 1.29% | 1.41% | 1.70% | 1.76% |
| 44319 | 1.34% | 1.47% | 1.61% | 1.77% | 1.80% |
| 44614 | 1.26% | 1.32% | 1.68% | 1.71% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across New Franklin, Summit County, Ohio
When examining property taxes in New Franklin, Ohio, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Summit County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Summit County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in New Franklin. For example, the median home price in New Franklin is $198,630, with tax bills ranging significantly across the county. Zip code 44614 has the highest median home price at $239,690.
Property Tax Assessment Values Across New Franklin, Summit County, Ohio
Source: Ownwell
$45,690
$300,230
$554,770
Median New Franklin Market Value
$198,630
Median Summit County Market Value
$168,880
Median Ohio Market Value
$133,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across New Franklin, Summit County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44203 | $145,837 | $170,560 | $201,620 | $279,212 | $390,033 |
| 44216 | $144,020 | $164,478 | $199,375 | $255,088 | $354,648 |
| 44319 | $139,200 | $168,350 | $197,710 | $245,040 | $417,256 |
| 44614 | $162,575 | $188,785 | $239,690 | $286,672 | $368,382 |
Source: Ownwell
Property Tax Bills Across New Franklin, Summit County, Ohio
In New Franklin, Summit County, OH, property tax bills are calculated based on the assessed value of the home. The local tax rate is applied to this assessed value to determine the tax bill. Factors such as the property's location, size, and use are considered in this assessment. Homeowners in New Franklin face a median tax bill that can be higher than the national median of $2400, with the 25th percentile tax bill at $2505 and the 75th percentile reaching $3958. This can have a significant impact on household finances, especially when compared to the national median property tax rate of 1.02%.
Ownwell helps homeowners in New Franklin reduce their property tax bills by providing expert property tax appeal services. By analyzing the assessed value and comparing it with market trends, Ownwell identifies opportunities for savings. They guide homeowners through the appeal process, ensuring they pay only their fair share. This personalized approach can lead to substantial savings, easing the financial burden of property taxes.
Median New Franklin Tax Bill
$3,149
Median Summit County Tax Bill
$2,683
Median Ohio Tax Bill
$2,396
Median United States Tax Bill
$2,400
Property Tax Bills Across New Franklin, Summit County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44203 | $1,992 | $2,437 | $3,071 | $4,295 | $5,858 |
| 44216 | $1,910 | $2,356 | $2,973 | $3,806 | $5,204 |
| 44319 | $2,084 | $2,663 | $3,253 | $3,998 | $5,980 |
| 44614 | $2,216 | $2,813 | $3,795 | $4,259 | $5,518 |
Source: Ownwell