Prospect, Ohio Property Taxes
The median property tax rate in Prospect, OH is 1.41%, which is considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Prospect, the typical annual property tax bill reaches $2,961, exceeding the national median of $2,690. Property taxes in Prospect 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 Prospect'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 Prospect 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
Prospect, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$3,132
$2,906
Ownwell’s Prospect Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prospect with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prospect 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 Prospect, Ohio
Property taxes in Prospect, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prospect is 1.41%, which is notably higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Prospect set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prospect 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 Prospect's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 43342 has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Prospect 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 Prospect Tax Rate
1.41%
Average Union County Tax Rate
1.44%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prospect, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43342 | 0.72% | 1.07% | 1.41% | 1.42% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Prospect, Ohio
In Prospect, 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 Prospect, 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. The median home price in Prospect is $222,095, with tax bills ranging from $2,238 at the 25th percentile to $5,891 at the 90th percentile. The highest and lowest median tax bills both stand at $2,961 in the 43342 zip code. 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 Prospect helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Prospect Assessed Value
$222,095
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 Prospect, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43342 | $123,798 | $158,942 | $222,095 | $445,868 | $525,816 |
Source: Ownwell
Property Tax Bills Across Prospect, Ohio
Property tax bills in Prospect, located in Union County, OH, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. Various factors, such as property size, location, and market conditions, influence this assessment. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Prospect, the median home price is $222,095. Property tax bills here can vary significantly, with the 25th percentile paying around $2,238 annually, while those in the 75th percentile face bills of approximately $4,343. The highest tax bills, in the 90th percentile, can reach up to $5,891. This variation illustrates the impact of property values and assessment practices on individual tax obligations. Compared to the national median property tax rate of 0.99%, homeowners in Prospect may find their tax bills to be a substantial annual expense, affecting their overall cost of homeownership.
Average Prospect Tax Bill
$2,961
Average Union County Tax Bill
$3,900
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Prospect, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43342 | $1,442 | $2,238 | $2,961 | $4,343 | $5,891 |
Source: Ownwell