Property Taxes in Hide-A-Way Hills, Ohio

Over the years, I'm often asked, "How do you compute property taxes in Hide-A-Way Hills, Ohio?" Couple that with the frequent question, "Is there a significant difference in Fairfield and Hocking County as it relates to taxes?"

Today, let's take a look.

In Ohio, state law dictates much of the Ohio property taxing procedures. To quickly compute taxes, we start with the market value(MV). The MV is typically determined by the County Auditor's office through a county appraisal. Each Ohio county must reappraise all real estate at least once every six years with equalizations adjustments occurring every 3 years to attempt to reflect a current MV.

Once we have the MV, we multiply that by 35% to determine the taxable value or the assessed value (AV). This procedure will be the case in ALL Ohio counties, per Ohio Revised Code.

From here, it will depend on which county the Hide-A-Way Hills home is located.

Homes in Fairfield County, contain a 2% School Income Tax for residents in the Fairfield Union district. This includes all homes in Hide-A-Way Hills that are in Fairfield County.

Property tax rate for the district of Rushcreek in Fairfield County is 46.66/1,000 of Assessed Value. Tax Rates for Fairfield County

Homes in Hocking County located in Hide-A-Way Hills reside in Marion Township. The township property tax rate is 45.7679 /1,000 of Assessed Value.

As we can we see, there is minimal difference in property tax rates between the two counties. However, a 2% school income tax should be taken into account.

Unrelated to taxes, but as a note, Fairfield County homes are also requierd to pay a $25.00 per year licensing fee to operate a private sanitation system.

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hammer head said...

Is the maket value affected by the price a home sells for, or does it go by the appraisal only?

Belinda Augustus-Real Living HER 740-689-8305 said...

If an appraisal is correctly calculated, the selling price of a home would certainly be taken into account, but the factors for analysis would not stop there. Typically, the selling price of 3 other homes that are similar in size, quality, and location would also be considered.

In an example, a Buyer purchases a home for $50,000. Similar homes sold for $100,000 in the area. Even though the tax payer only paid $50,000 for the property, the county would most likely bump their Market Value to reflect a value comparable to similar homes in the neighborhood. On the other hand, Buyer pays $100,000 for a property to find the bottom fell out of the local market and similar homes now sell for only $50,000. The county appraisal taking similar homes in the area into account, would lower the market value even though the Buyer had $100,000 into the property.

So yes, a selling price of a home affects the Market Value of the home along with affecting the Market Value of similar homes in the area.

While the selling price reflects the value which one particular Buyer views the home, the Market Values determined by the County Auditor is based upon what the sales of similar homes as well.

Market Value and Sales Price of a home may not always agree. There are procedures with the County Auditor Office to ask for a review if you feel the true Market Value is incorrect.