Grand Rapids, Ohio Property Taxes
The median property tax rate in Grand Rapids, OH is 1.60%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $140,900 in Grand Rapids, the typical annual property tax bill amounts to $2,191, which is below the national median of $2,690. Property taxes in Grand Rapids are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Grand Rapids' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Grand Rapids 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
Grand Rapids, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$2,254
$2,092
Ownwell’s Grand Rapids Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Rapids with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Rapids 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 Grand Rapids, Ohio
Property taxes in Grand Rapids, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Rapids is 1.60%, notably higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Grand Rapids set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Rapids 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 Grand Rapids' effective property tax rate to other counties in Ohio and the national median. For comparison, the 43522 ZIP code has the highest median property tax rate of 1.60%, while the same ZIP code also has the lowest median tax rate of 1.60%. Understanding how these areas compare with Grand Rapids provides valuable insights into the varying tax landscape across Wood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Rapids Tax Rate
1.60%
Average Wood County Tax Rate
1.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Rapids, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43522 | 1.38% | 1.53% | 1.60% | 1.60% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Grand Rapids, Ohio
In Grand Rapids, 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 Wood 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 Grand Rapids, 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 Grand Rapids helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,191 in the 43522 zip code, while the lowest is also $2,191 in the same zip code.
Average Grand Rapids Assessed Value
$140,900
Average Wood County Assessed Value
$163,900
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Rapids, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43522 | $7,900 | $77,550 | $140,900 | $215,850 | $311,820 |
Source: Ownwell
Property Tax Bills Across Grand Rapids, Ohio
In Grand Rapids, Wood County, Ohio, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate, combined with the assessed value, determines the annual tax bill. For example, with a median home price of $140,900, homeowners can expect tax bills that vary significantly. The 25th percentile tax bill is around $1,152, while the 75th percentile tax bill reaches $3,313, and the 90th percentile can go up to $4,679. These figures show a wide range, reflecting different property values and local tax rates within the area. Factors such as property improvements, local government budgets, and school district funding needs also influence the final tax bill. Homeowners in Grand Rapids should be aware that their property taxes contribute to essential public services like education, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, the tax rates in this region can result in varying financial impacts on homeowners, depending on their property's assessed value and specific local tax rates.
Average Grand Rapids Tax Bill
$2,191
Average Wood County Tax Bill
$2,615
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Rapids, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43522 | $127 | $1,152 | $2,191 | $3,313 | $4,679 |
Source: Ownwell