If you’ve decided that you want to live in Columbus, Ohio, it’s worth looking into the cost of property taxes for your home. If you’re living in a property that is worth $100,000, the costs may be minimal enough to ignore them. However, as your property value grows, the importance of property taxes in your budget will become apparent. Columbus has many wonderful things to offer, from good schools to busy shopping centers, but none of that matters if it’s out of your budget. Here’s some information on property taxes in the city and what you can expect if you decide to move in.
What Are Columbus, Ohio Residents Paying in Property Tax?
On average, a person living in Columbus can expect to pay 2.029 percent in property taxes each year. That is approximately $2,029 per year if you own a house valued at $100,000. Home values in Columbus can be high; the average home price is $124,000, and many are much more expensive. It’s important to budget for high property taxes as well as levies and other financial expenses related to your neighborhood or homeowner’s association fees.
How Does Columbus’s Property Tax Compare to Ohio’s Average Property Taxes?
In Ohio, the average property tax paid by residents is 1.553 percent, or around $1,553 per $100,000 in valued property. Columbus’s property taxes are incredibly high compared to the state average, so those looking to save money may want to live just outside Franklin County, which determines the pricing of the property taxes in the area.
In the state of Ohio, many areas pay more, as well as less, and in Columbus. Kettering, for instance, has an average property tax rate of 2.24 percent; that’s significantly higher than Columbus’s rate, even though it’s over two percent anyway.
Topping that is Washington Township, which requires residents to pay around 2.44 percent of their home’s value in taxes.
Property tax isn’t the only thing to worry about; people in areas like Wayne Township or Piqua also have levies and income taxes on top. For instance, around $75 is paid in Piqua for income taxation, while Wayne Township cover fire services with a levy of around $55 per $100,000 of property.
How Does Columbus’s Property Tax Compare to Other Major Cities and States?
Ohio has a relatively low average property tax rate at 1.553 percent per $100,000 in property. Other areas of the country are not so low. For instance, New Haven or Hartfort, Connecticut, could have taxes as high as 1.63 percent or more. The median property tax paid in Connecticut is $4,738, which is a reflection on the expense of owning a home in the state.
A more expensive state, Nebraska, has relatively low property value as around $123,300 in the middle range, but the property taxes on those properties are 1.7 percent. That’s the fifth highest property tax in the United States. The highest property taxes in the state are in Grant County and Clay County, so if property tax is something you want to avoid, those counties should be off-limits.
The state with the highest property tax percentage based on home value is New Jersey. Homes there average well over $300,000, and with a property tax percent of 1.89, property taxes can add up to thousands extra each year. The Tavistock Borough has reported an average property tax of $25,346 per year. That’s a huge amount of money that you could save living in a place like Columbus.
New York City has a lower property tax rate than in Columbus, with only 1.925 percent of the property’s value going back in taxes. Buffalo, New York, is at the other extreme with an expense of 2.723 percent for property taxes; this is one of the highest property taxes in the country.
If you’re considering moving west instead, California has some good property tax rates. San Diego has a rate of .781 percent, and Kern County has a 1.108 percent rate. While those rates are good, you do need to weigh the cost of housing against them; houses in California can be very expensive compared to the same homes in Ohio, which could make a difference to you in terms of home size and quality.
How Does Columbus Compare to the National Average?
Nationally, the average a homeowner with a $100,000 property pays $1,211 per year in property taxes. Those in Franklin County, the county that surrounds Columbus, pay $2,029 on average, which is around $800 more each year. Moving out of the county can have a good effect; nearby neighborhoods in Delaware County, for instance, have a property tax rate of 1.802 percent, which could save families working in Columbus around $227 every year. That may not be a huge savings, but it’s enough to make a difference for some people.
2 Point Highlight
How Does Columbus Compare to the National Average
Nationally, the average a homeowner owning a $100,000 property pays $1,211 per year in property taxes.
Moving out of the county can have a good effect; nearby neighborhoods in Delaware County, for instance, have a property tax rate of 1.802 percent, which could save families working in Columbus around $227Â every year.
