Ideally, this value would be 35%, but in many places it is closer to 30%. For this reason, the state of Ohio annually publishes “sales ratios” which represent the assessed value in a county as a percentage of actual value. Since counties all have their own appraisal methods, assessed values can vary from one county to the next. So, for example, if your property is worth $100,000, your assessed value should be $35,000. However, assessed values in Ohio – the amounts on which property taxes are based – are calculated at 35% of appraised value. Appraised values should equal 100% of market value. Counties conduct full appraisals once every six years, and values are updated based on market conditions in the third year after the appraisal. Property appraisals follow a six-year cycle in Ohio. Every county has a county auditor who is responsible for determining the assessed value of each home in the county, on which property taxes are based. They’re also a major source of revenue for city and county governments. Property taxes in Ohio pay for important local services like schools, police departments and parks. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. This will inform you about the rates and details about refinancing or getting a mortgage in each of the counties of Ohio.Ī financial advisor can help you understand how homeownership fits into your overall financial goals. If you’re looking to move to the Buckeye State despite the slightly high property taxes, check out our guide to mortgages in Ohio. The county with the lowest rate is Lawrence County, which has an average effective rate of 0.86%. The highest rates are in Cuyahoga County, where the average effective rate is 2.51%. However, tax rates vary significantly between Ohio counties and cities. The average effective property tax rate in Ohio is 1.41%. Homeowners in the Buckeye State pay property tax rates that are higher than the national average but lower than those of several other Midwestern states. Ohio Property Taxes Photo credit: ©/Jodi Jacobson
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