Portage, Ohio Property Taxes
The median property tax rate in Portage, OH is 1.51%, which is considerably higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With the median home value in Portage at $118,800, the typical annual property tax bill reaches $1,778, falling below the national median of $2,690. Property taxes in Portage are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Portage'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 Portage 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
Portage, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$1,794
$1,665
Ownwell’s Portage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portage 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 Portage, Ohio
Property taxes in Portage, Ohio, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Portage is 1.51%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Portage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portage 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 Portage's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43451 zip code has the highest median property tax rate of 1.51%, while the same zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Portage 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 Portage Tax Rate
1.51%
Average Wood County Tax Rate
1.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Portage, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43451 | 1.27% | 1.42% | 1.51% | 1.65% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Portage, Ohio
In Portage, 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 Portage, 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 Portage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Portage is $118,800, with the highest median tax bill found in zip code 43451 at $1,778.
Average Portage Assessed Value
$118,800
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 Portage, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43451 | $7,350 | $43,300 | $118,800 | $185,900 | $250,460 |
Source: Ownwell
Property Tax Bills Across Portage, Ohio
In Portage, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Various factors such as property size, location, and improvements are considered to establish this value. Once the assessed value is determined, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Portage, the median home price is $118,800. Property tax bills can vary significantly, with the 25th percentile at $566 and the 75th percentile at $2,728. At the higher end, the 90th percentile tax bill reaches $3,778. These figures indicate a wide range of property tax obligations, influenced by the assessed values and applicable tax rates. Compared to the national median property tax rate of 0.99%, Portage's property tax environment can have a substantial impact on homeowners, affecting their annual financial planning and overall cost of homeownership.
Average Portage Tax Bill
$1,778
Average Wood County Tax Bill
$2,615
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Portage, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43451 | $113 | $566 | $1,778 | $2,728 | $3,778 |
Source: Ownwell