Marion, Ohio Property Taxes
The median property tax rate in Marion, OH is 1.42%, which is notably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Marion standing at $243,805, the typical annual property tax bill amounts to $3,463, surpassing the national median of $2,690. Property taxes in Marion are determined based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Gaining a thorough understanding of Marion's property tax system, exploring available exemptions, and identifying potential reductions can result in substantial annual savings. Whether you're residing in the heart of Marion or another part of the city, comprehending the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Marion, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.42%
Estimate Property Tax Bill
$3,462
Ownwell’s Marion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marion 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 Marion, Ohio
Property taxes in Marion, Ohio, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Marion is 1.42%, which is significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Marion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marion 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 Marion's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43302 zip code has the highest median property tax rate of 1.42%, while the same zip code also has the lowest median tax rate of 1.42%. Understanding how these cities compare with Marion provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marion Tax Rate
1.42%
Average Union County Tax Rate
1.44%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marion, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43302 | 1.12% | 1.30% | 1.42% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Marion, Ohio
In Marion, 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 Marion, 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 Marion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Marion is $3,463, found in the 43302 zip code, and the lowest median tax bill is also $3,463, indicating a uniform tax rate across the area.
Average Marion Assessed Value
$243,805
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 Marion, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43302 | $132,087 | $167,138 | $243,805 | $388,840 | $546,952 |
Source: Ownwell
Property Tax Bills Across Marion, Ohio
In Marion, Ohio, 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 market value, reflecting the home's worth in the current real estate market. Factors such as the property's location, size, and condition play a significant role in this valuation. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Marion, the median home price stands at $243,805. Property tax bills can vary significantly, with the 25th percentile tax bill at $2,410 and the 75th percentile reaching $4,790, while the 90th percentile can go up to $5,791. The highest median tax bill in the area is $3,463, recorded in the 43302 zip code. These property taxes fund local services such as schools, public safety, and infrastructure, impacting homeowners by influencing their overall cost of living and the value of community services received.
Average Marion Tax Bill
$3,463
Average Union County Tax Bill
$3,900
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Marion, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43302 | $1,904 | $2,410 | $3,463 | $4,790 | $5,791 |
Source: Ownwell