Peninsula, Ohio Property Taxes
The median property tax rate in Peninsula, OH is 1.75%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Peninsula, the typical annual property tax bill reaches $5,460, exceeding the national median of $2,690. Property taxes in Peninsula 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 Peninsula'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 Peninsula 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
Peninsula, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$5,455
$5,062
Ownwell’s Peninsula Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Peninsula with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Peninsula to provide an accurate estimate of your property tax bill. This valuable tool offers clarity on potential tax obligations, helping you make informed decisions. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down for localized information. Your property’s assessed value, determined by the county, is crucial for these calculations, taking into account any applicable exemptions.
Property Tax Rates Across Peninsula, Ohio
Property taxes in Peninsula, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peninsula is 1.75%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Peninsula set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peninsula 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 Peninsula's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 44264 has the highest median property tax rate of 1.75%, while the same zip code also has the lowest median tax rate of 1.75%. Understanding how these regions compare with Peninsula 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 Peninsula Tax Rate
1.75%
Average Summit County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peninsula, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44264 | 1.53% | 1.66% | 1.75% | 1.95% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Peninsula, Ohio
In Peninsula, 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 Peninsula, 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 Peninsula helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 44264, with a median tax bill of $5,460.
Average Peninsula Assessed Value
$311,690
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 Peninsula, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44264 | $173,882 | $229,350 | $311,690 | $409,400 | $504,480 |
Source: Ownwell
Property Tax Bills Across Peninsula, Ohio
In Peninsula, located in Summit County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. For instance, if the median home price is $311,690, the assessed value will be a fraction of this amount. The local tax rate is then applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, its assessed value, and the local tax rate. In Peninsula, the tax bill varies significantly. Homeowners in the 25th percentile pay around $4,111, while those in the 75th percentile pay approximately $7,118. The 90th percentile sees tax bills as high as $9,001. These tax bills significantly impact homeowners, affecting their monthly mortgage payments and overall financial planning. Compared to the national median property tax rate of 0.99%, homeowners in Peninsula may find their tax obligations to be relatively high.
Average Peninsula Tax Bill
$5,460
Average Summit County Tax Bill
$2,683
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Peninsula, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44264 | $2,896 | $4,111 | $5,460 | $7,118 | $9,001 |
Source: Ownwell