Ridgeway, Union County, Ohio Property Taxes
The median property tax rate in Ridgeway, OH is 1.33%, slightly higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Ridgeway at $157,545, the typical annual property tax bill reaches $2,556, which is just below the national median of $2,690. Property taxes in Ridgeway 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 Ridgeway'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 Ridgeway 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
Ridgeway, Union County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$2,095
$1,944
Ownwell’s Ridgeway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ridgeway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ridgeway 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 Ridgeway, Union County, Ohio
Property taxes in Ridgeway, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ridgeway is 1.33%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Ridgeway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ridgeway 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 Ridgeway's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43345 zip code has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Ridgeway 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 Ridgeway Tax Rate
1.33%
Average Union County Tax Rate
1.44%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ridgeway, Union County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43345 | 1.09% | 1.24% | 1.33% | 1.36% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Ridgeway, Union County, Ohio
In Ridgeway, 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 Auditor 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. Assessment notices in Ridgeway 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. For example, the median home price in Ridgeway is $157,545, with tax bills ranging from $950 at the 25th percentile to $4,767 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Ridgeway, Union County, Ohio
Source: Ownwell
$80,885
$406,688
$732,490
Average Ridgeway Assessed Value
$157,545
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 Ridgeway, Union County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43345 | $13,358 | $28,828 | $157,545 | $312,355 | $347,158 |
Source: Ownwell
Property Tax Bills Across Ridgeway, Union County, Ohio
In Ridgeway, located in Union County, OH, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor, who evaluates the property to estimate its market value. Once the market value is established, a predetermined assessment ratio is applied to calculate the assessed value. The property tax rate, which in Union County is competitive compared to the national median property tax rate of 0.99%, is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property characteristics, market conditions, and local government budgets. Homeowners in Ridgeway can expect tax bills that vary significantly. For example, tax bills range from $950 at the 25th percentile to $4,767 at the 90th percentile, with the highest median tax bill recorded at $2,556. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Ridgeway residents.
Average Ridgeway Tax Bill
$2,556
Average Union County Tax Bill
$3,900
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Ridgeway, Union County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43345 | $400 | $950 | $2,556 | $4,265 | $4,767 |
Source: Ownwell