New Franklin, Ohio Property Taxes
The median property tax rate in New Franklin, OH is 1.57%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in New Franklin at $198,630, the typical annual property tax bill reaches $3,149, exceeding the national median of $2,690. Property taxes in New Franklin 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 New Franklin'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 New Franklin 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
New Franklin, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$3,118
Ownwell’s New Franklin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Franklin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Franklin 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 New Franklin, Ohio
Property taxes in New Franklin, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Franklin is 1.57%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within New Franklin set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Franklin 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 New Franklin's effective property tax rate to other areas in Ohio and the national median. For comparison, the 44614 zip code has the highest median property tax rate of 1.68%, while the 44216 zip code has the lowest median tax rate of 1.41%. Understanding how these areas compare with New Franklin 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 New Franklin 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 New Franklin, 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, Ohio
In New Franklin, 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 New Franklin, 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. For instance, the highest median tax bill in the area is $3,795 in the 44614 zip code, while the lowest is $2,973 in the 44216 zip code. 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 New Franklin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Franklin Assessed Value
$198,630
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 New Franklin, 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, Ohio
In New Franklin, Summit County, OH, property tax bills are determined by assessing the market value of a home and applying the local tax rate. This process starts with the Summit County Auditor's office, which evaluates properties to establish their market value. Once the market value is determined, it is multiplied by the assessment rate to find the assessed value. The local property tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including property location, market conditions, and any applicable exemptions or deductions. For example, the median home price in New Franklin is $198,630, leading to varying tax bills across different percentiles. Homeowners in the 25th percentile face tax bills around $2,505, while those in the 75th percentile see bills closer to $3,958. At the 90th percentile, tax bills can reach up to $5,616. These variations significantly impact homeowners' financial planning and budgeting, making it essential to understand how property taxes are calculated and managed.
Average New Franklin Tax Bill
$3,149
Average Summit County Tax Bill
$2,683
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across New Franklin, 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