If you’re considering moving to Akron, Ohio, one of the things you’ll need to know is the amount of taxes you’ll pay for your property. The percentage you pay is based on the cost of your home and its appraised value. Looking at the percentage rates per $100,000 of property can be a good way to gauge how much you’ll pay each year and if the property is actually a good buy and within your budget. That’s what has been done below. Here is how much Akron will cost along with the areas in Ohio and around the country that you may be considering for your next home.
How Does Property Tax in Ohio Compare to Taxes in Akron?
Akron’s average property tax rate is 1.767 percent per $100,000 home value. That is around $1,767 per year. Those living in the area need to have a property appraisal performed to determine exactly how much they’ll pay. It can be around the same amount or much more or less depending on the overall value of your home and the taxes needed in that part of Summit County.
On average, property taxes in Ohio are lower than in Akron. The usual rate is around 1.553 percent, which would cost you around $1,553 each year in taxes per $100,000 in property. On the whole, Akron is more expensive than this, running at rates of between 1.7 and even 2 percent of your home’s value.
Other areas of Ohio have similar property taxes, although some are a bit higher or lower. Cincinnati has a tax rate of $1,774 per year, which is just slightly higher than Akron’s taxes per $100,000 of property. In comparison, the same home in Toledo will cost $1,957 in property taxes, and a home of the same cost in Columbus will cost around $1,051 in property taxes.
Different townships within a county may vary their tax rates, making it hard to say exactly how much you’d pay in a major city if it is divided into parts. In some places, like Kettering, Ohio, the tax rate of 2.24 percent is sky high, while others escape with super-low rates of around 1 percent.
Property taxes aren’t the only thing to look at when you’re considering the home, though; the size of the home you get for the price, local taxes for services, and other costs need to be considered as well.
How Does Akron’s Property Tax Rate Compare to Other Major Cities in America?
If you consider the fact that there are lists of entire states known for having horrible property taxes, Akron is doing well for itself in Ohio. Ohio has not made the list, and that means it’s at least balanced within the national average.
The state with the highest property taxes in the country based on home value is said to be New Jersey, which has a high average cost of 1.89 percent. The state of New Hampshire is also high on the list with property taxes averaging at 1.86 percent. Texas’s average rate is 1.81 percent, while Wisconsin sits at around 1.76 percent on average. Nebraska has a property tax average of 1.7 percent, and Illinois has one of 1.73 percent. Tolland, Connecticut, has a very high property tax for the value of the home, while the state has an average tax of 1.63 percent. When you consider the fact that Ohio’s average tax is only 1.553 percent, these other states are significantly more expensive to live in. The additional cost of taxes can force you to spend thousands more out of pocket, just because you’re living in a different state.
Property taxes vary significantly around the country, and living in a major city or a smaller area doesn’t seem to have much influence. For instance, if you live in New York City, you’ll be likely to pay around 1.925 percent on every $100,000 worth of property you own. Living in a state like Nevada, you could get away with paying less than normal; populated cities like Reno pay around 0.888 percent in property taxes.
Erie County, New York, has a high percentage for its property taxes of 2.723 percent. When you consider the low 1.767 percent tax rate in Akron, you can see that simply living in a different area saves you around $1,000 in taxes annually.
Michigan, which is Ohio’s next-door neighbor, has a property tax rate of around 1.833 percent. That can vary, though, and highly populated areas or popular cities could have higher rates. In Ann Arbor, for example, which is on the eastern side of the state, residents can expect to pay around $1,930 in property taxes every year, making Akron the cheaper option.
Nationally, property taxes average at $1,211 per year for homes valued at $100,000. That makes Akron a more expensive option when it comes to taxes.
2 Point Highlight
Property Taxes in Major Cities and States Compared to Akron
Michigan, which is Ohio’s next-door neighbor, has a property tax rate of around 1.833 percent.
How Does Property Tax in Ohio Compare to Taxes in Akron?
Akron’s average property tax rate is 1.767 percent per $100,000 home value.
