Peninsula, Summit County, Ohio Property Taxes

Name: Property Tax Bills Across Peninsula, Summit County, Ohio
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Peninsula, OH effective property tax rate: 1.75%, significantly higher than the national median of 1.02%, but lower than the Ohio state median of 1.80%.
Median Peninsula, OH home value: $311,690
Median annual Peninsula, OH tax bill: $5,460, $3,060 higher than the national median property tax bill of $2,400.

How are property taxes in Summit County calculated?

Property taxes in Peninsula, 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 Peninsula’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Peninsula, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Peninsula, Summit County, Ohio Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective 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 data points. By entering your property's estimated assessed value, our calculator applies Peninsula’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Summit County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Peninsula, Summit County, Ohio

Local government entities set tax rates that can vary significantly within a state. Each year, counties estimate their budget needs to provide essential services and divide that by the total value of all taxable property within their jurisdiction. This calculation determines the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is essentially how the process works annually. In Peninsula, located in Summit County, Ohio, the effective property tax rate stands out compared to other regions. The median property tax rate in Ohio is notably higher than the national median, reflecting the state’s approach to funding local services. While some areas in Ohio might have lower rates, Peninsula's rate is consistent with the highest in the state, highlighting the importance placed on funding community needs. Comparing Peninsula’s property tax rate to the national median, it is evident that property owners in this region contribute more towards local services through their taxes. Understanding these differences can help property owners make informed decisions about their investments and anticipate their financial obligations.

Property Tax Rates Across Peninsula, Summit County, Ohio

Source: Ownwell

1.28%

1.60%

1.93%

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 Peninsula Tax Rate

1.75%

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 Peninsula, Summit County, 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, Summit County, Ohio

When examining property taxes in Peninsula, 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 May. 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 Peninsula.

For example, the median home price in Peninsula is $311,690, with tax bills ranging significantly across the county. Zip code 44264 has the highest median home price at $311,690.

Property Tax Assessment Values Across Peninsula, Summit County, Ohio

Source: Ownwell

$45,690

$300,230

$554,770

Median Peninsula Market Value

$311,690

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 Peninsula, Summit County, 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, Summit County, Ohio

In Peninsula, Summit County, OH, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. This assessed value is a percentage of the market value, which is influenced by factors such as location, property size, and market conditions. Homeowners in Peninsula face a median tax bill of $5,460, which is significantly higher than the national median of $2,400. This disparity highlights the importance of understanding how property taxes impact homeowners' finances. With tax bills ranging from $4,111 at the 25th percentile to $9,001 at the 90th percentile, it's clear that homeowners can experience substantial variations in their tax obligations. Ownwell offers valuable assistance by identifying potential savings through property tax appeals and exemptions. By leveraging their expertise, homeowners can ensure their property is fairly assessed, potentially reducing their tax burden. This not only saves money but also provides peace of mind, knowing that their property taxes are accurately calculated.

Property Tax Bills Across Peninsula, Summit County, Ohio

Source: Ownwell

$760

$5,379

$9,997

Median Peninsula Tax Bill

$5,460

Median Summit County Tax Bill

$2,683

Median Ohio Tax Bill

$2,396

Median United States Tax Bill

$2,400

Property Tax Bills Across Peninsula, Summit County, 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