Tallmadge, Ohio Property Taxes
The median property tax rate in Tallmadge, OH is 1.62%, considerably higher than the national median of 0.99% but below the Ohio state median of 1.80%. With the median home value in Tallmadge at $218,250, the typical annual property tax bill reaches $3,423, exceeding the national median of $2,690. Property taxes in Tallmadge 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 Tallmadge'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 Tallmadge 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
Tallmadge, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.62%
Estimate Property Tax Bill
$3,536
$3,281
Ownwell’s TALLMADGE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TALLMADGE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TALLMADGE 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 Tallmadge, Ohio
Property taxes in Tallmadge, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tallmadge is 1.62%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Tallmadge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tallmadge 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 Tallmadge's effective property tax rate to other areas in Ohio and the national median. For comparison, the 44278 zip code has the highest median property tax rate of 1.62%, while the same zip code also has the lowest median tax rate of 1.62%. Understanding how these cities compare with Tallmadge 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 Tallmadge Tax Rate
1.62%
Average Summit County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tallmadge, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44278 | 1.35% | 1.50% | 1.62% | 1.73% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Tallmadge, Ohio
In Tallmadge, 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 Tallmadge, 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 Tallmadge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the median tax bill in the 44278 zip code is $3423.00.
Average Tallmadge Assessed Value
$218,250
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 Tallmadge, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44278 | $147,856 | $178,930 | $218,250 | $271,900 | $335,152 |
Source: Ownwell
Property Tax Bills Across Tallmadge, Ohio
In TALLMADGE, located in Summit County, OH, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. For instance, with a median home price of $218,250, homeowners can expect their tax bills to vary. At the 25th percentile, tax bills are around $2,819, while at the 75th percentile, they reach approximately $4,312, and at the 90th percentile, they can go up to $5,373. Compared to the national median property tax rate of 0.99%, the property tax rate in TALLMADGE is relatively high, resulting in significant annual expenses for homeowners. This substantial tax burden can impact homeowners' budgets, influencing their financial planning and potentially affecting their decisions regarding home ownership. Understanding these factors is crucial for homeowners to effectively manage their property-related expenses.
Average Tallmadge Tax Bill
$3,423
Average Summit County Tax Bill
$2,683
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Tallmadge, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44278 | $2,297 | $2,819 | $3,423 | $4,312 | $5,373 |
Source: Ownwell