Stow, Ohio Property Taxes
The median property tax rate in Stow, OH is 1.76%, which is considerably higher than the national median of 0.99% but slightly below the Ohio state median of 1.80%. With a median home value of $223,525 in Stow, the typical annual property tax bill reaches $3,854, significantly exceeding the national median of $2,690. Property taxes in Stow 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 Stow'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 Stow 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
Stow, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$3,934
$3,651
Ownwell’s Stow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stow 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 Stow, Ohio
Property taxes in Stow, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stow is 1.76%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Stow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stow 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 Stow's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 44224 has the highest median property tax rate of 1.76%, while the same zip code also has the lowest median tax rate of 1.76%. Understanding how these figures compare with Stow 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 Stow Tax Rate
1.76%
Average Summit County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stow, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44224 | 1.53% | 1.68% | 1.76% | 1.87% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Stow, Ohio
In Stow, 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 Fiscal Office 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 Stow, 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 Stow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Stow is $3,854, with the 25th percentile at $2,905 and the 90th percentile at $6,480.
Average Stow Assessed Value
$223,525
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 Stow, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44224 | $124,601 | $170,955 | $223,525 | $288,140 | $353,920 |
Source: Ownwell
Property Tax Bills Across Stow, Ohio
In Stow, Summit County, OH, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The local tax rate is applied to this assessed value to determine the total tax bill. Several factors influence the final amount, including the property's location, size, and any applicable exemptions. For example, the median home price in Stow is $223,525. Homeowners in this area face a range of tax bills, with the 25th percentile paying around $2,905, the 75th percentile paying approximately $5,152, and those in the 90th percentile facing bills up to $6,480. The highest and lowest median tax bills are both $3,854 in the 44224 zip code. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, homeowners in Stow may find their tax rates and bills to be relatively moderate, depending on their specific property assessments and exemptions.
Average Stow Tax Bill
$3,854
Average Summit County Tax Bill
$2,683
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Stow, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44224 | $2,040 | $2,905 | $3,854 | $5,152 | $6,480 |
Source: Ownwell