Morrow, Ohio Property Taxes
The median property tax rate in Morrow, OH is 1.75%, which is significantly higher than the national median of 0.99% but slightly lower than Ohio's state median of 1.80%. With a median home value of $231,030 in Morrow, the typical annual property tax bill reaches $3,964, well above the national median of $2,690. Property taxes in Morrow 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 Morrow'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 Morrow 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
Morrow, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$4,043
$3,752
Ownwell’s Morrow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morrow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morrow 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 Morrow, Ohio
Property taxes in Morrow, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morrow is 1.75%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Morrow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morrow 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 Morrow's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45152 zip code has both the highest and the lowest median property tax rate of 1.75%. Understanding how these areas compare with Morrow provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrow Tax Rate
1.75%
Average Warren County Tax Rate
1.67%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morrow, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45152 | 1.56% | 1.72% | 1.75% | 1.76% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Morrow, Ohio
In Morrow, 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 Warren 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 Morrow, 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. For instance, the median home price in Morrow is $231,030, with tax bills ranging from $3,053 at the 25th percentile to $6,852 at the 90th percentile. The zip code 45152 has both the highest and lowest median tax bill at $3,964. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Morrow Assessed Value
$231,030
Average Warren County Assessed Value
$234,580
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morrow, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45152 | $114,428 | $177,080 | $231,030 | $301,200 | $393,170 |
Source: Ownwell
Property Tax Bills Across Morrow, Ohio
Property tax bills in Morrow, Warren County, OH, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The county's median home price stands at $231,030. Tax rates are applied to this assessed value to determine the annual property tax bill. Various factors influence the final tax amount, including property location, local tax rates, and applicable exemptions. In Morrow, the tax bills can vary significantly. For instance, the 25th percentile tax bill is around $3,053, while the 75th percentile reaches up to $5,221. At the 90th percentile, homeowners may pay as much as $6,852 annually. These figures highlight the impact of property taxes on homeowners, with higher-valued properties incurring steeper tax bills. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark to understand local tax burdens. Homeowners in Morrow should be aware of these factors to manage their financial planning effectively.
Average Morrow Tax Bill
$3,964
Average Warren County Tax Bill
$3,873
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Morrow, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45152 | $1,899 | $3,053 | $3,964 | $5,221 | $6,852 |
Source: Ownwell