Broadway, Union County, Ohio Property Taxes
The median property tax rate in Broadway, Ohio is 1.63%, which is significantly higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $80,885 in Broadway, the typical annual property tax bill amounts to $1,315, falling below the national median of $2,690. Property taxes in Broadway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Broadway'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 Broadway 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
Broadway, Union County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.63%
Estimate Property Tax Bill
$1,318
$1,223
Ownwell’s Broadway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broadway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broadway 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 Broadway, Union County, Ohio
Property taxes in Broadway, Ohio, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Broadway stands at 1.63%, significantly higher than the U.S. national median of 0.99%. Local government entities within Broadway set these rates annually, and they can vary across different neighborhoods. Each year, Broadway 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. Understanding how Broadway's effective property tax rate compares with other areas in Union County provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broadway Tax Rate
1.63%
Average Union County Tax Rate
1.44%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broadway, Union County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43007 | 1.07% | 1.36% | 1.63% | 1.67% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Broadway, Union County, Ohio
In Broadway, 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 Union 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 Broadway, 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 $1315 in zip code 43007. 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 Broadway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Broadway, Union County, Ohio
Source: Ownwell
$80,885
$406,688
$732,490
Average Broadway Assessed Value
$80,885
Average Union County Assessed Value
$249,955
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broadway, Union County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43007 | $49,287 | $63,708 | $80,885 | $103,230 | $171,258 |
Source: Ownwell
Property Tax Bills Across Broadway, Union County, Ohio
In Broadway, property tax bills are determined by assessing the value of a home and applying the local tax rate. The assessed value is typically a percentage of the market value, which is then multiplied by the tax rate set by local authorities. For example, in Union County, where Broadway is located, the median home price is $80,885. Based on this valuation, homeowners can expect their property tax bills to vary significantly. At the 25th percentile, the tax bill is around $1,107, while at the 75th percentile, it rises to approximately $1,641. The top 10% of homeowners face tax bills as high as $2,222. It's noteworthy that the median tax bill in the area is $1,315, which is higher than the national median property tax rate of 0.99%. These taxes fund essential local services like schools, infrastructure, and public safety, directly impacting homeowners by ensuring community development and maintenance.
Average Broadway Tax Bill
$1,315
Average Union County Tax Bill
$3,900
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Broadway, Union County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43007 | $610 | $1,107 | $1,315 | $1,641 | $2,222 |
Source: Ownwell