Burbank, Ohio Property Taxes
The median property tax rate in Burbank, Ohio is 1.73%, which is considerably higher than the national median of 0.99% but slightly lower than the Ohio state median of 1.80%. With the median home value in Burbank at $163,270, the typical annual property tax bill reaches $2,712, just above the national median of $2,690. Property taxes in Burbank 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 Burbank'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 Burbank 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
Burbank, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Burbank Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burbank with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burbank 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 Burbank, Ohio
Property taxes in Burbank, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burbank is 1.73%, significantly higher than the U.S. national median of 0.99%. Local government entities within Burbank set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burbank 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 Burbank's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44214 ZIP code has both the highest and lowest median property tax rate of 1.73%. Understanding how these areas compare with Burbank provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burbank Tax Rate
1.73%
Average Wayne County Tax Rate
1.80%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burbank, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44214 | 1.01% | 1.61% | 1.73% | 1.79% | 2.19% |
Source: Ownwell
Property Tax Assessment Values Across Burbank, Ohio
In Burbank, 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 Wayne 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 Burbank, 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 Burbank is $163,270, with tax bills ranging from $1,847 at the 25th percentile to $5,071 at the 90th percentile. The highest and lowest median tax bills are both $2,712 in the zip code 44214. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Burbank Assessed Value
$163,270
Average Wayne County Assessed Value
$144,025
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burbank, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44214 | $57,021 | $108,122 | $163,270 | $246,792 | $359,578 |
Source: Ownwell
Property Tax Bills Across Burbank, Ohio
In Burbank, Ohio, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For homeowners in Wayne County, the median home price stands at $163,270. Property tax rates are applied to this assessed value to determine the tax bill. Factors such as property location, improvements, and local tax levies also influence the final amount. Homeowners in Burbank can expect their annual tax bills to vary significantly. At the 25th percentile, the tax bill is approximately $1,847, while at the 75th percentile, it rises to around $3,837. For those in the 90th percentile, the tax bill can reach up to $5,071. These figures highlight the range of property tax obligations that can impact homeowners, depending on their property's assessed value and other contributing factors. Compared to the national median property tax rate of 0.99%, Burbank's property tax landscape offers a diverse range of financial responsibilities for its residents.
Average Burbank Tax Bill
$2,712
Average Wayne County Tax Bill
$2,548
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Burbank, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44214 | $1,073 | $1,847 | $2,712 | $3,837 | $5,071 |
Source: Ownwell