Under Ohio law, property tax rates are recalculated annually by the Auditor, and based on a number of different factors.
Property taxes are charged as “mills.” One mill is one-thousandth of a dollar – this equates to one-tenth of a cent, or $0.001.
All Ohio residents pay a base tax rate of 10 mills. This base rate comes from the Ohio Constitution, and is meant to provide all governmental units with a base amount of operating revenue. In addition to this base rate, voters can approve additional funds for roads, schools, libraries, and other important governmental services. This additional millage must be voted on and approved before being added to the property tax calculation.
The Auditor is also responsible for determining a property’s fair market value as part of the calculation process. Fair market value is the amount a buyer and seller would be willing to agree to in an arm’s length transaction on the open market. The Auditor uses fair market value to determine a property’s assessed value, which in Ohio amounts to 35% of the fair market value.
To arrive at the amount of property taxes a taxpayer owes, the Auditor multiples the property’s assessed value by the total mill rate, and divides by 1,000. Expressed as an equation, the process looks something like this:
Fair Market Value x 35% = Assessed Value
Example: A home with a fair market value of $100,000 would have an assessed value of $35,000 ($100,000 x 0.35).
(Assessed Value x Mill Rate)/1000 = Base Property Tax
Example: A home with a fair market value of $100,000 and an assessed value of $35,000 is subject to three property tax millages – the base rate of 10 mills, 10 mills of school taxes, and 10 mills of road taxes – for a total mill rate of 30 mills. Using the formula, the taxpayer owes a base property tax of $1,050 ($35,000 x 30)/1000 = $1,050.
In addition to the base property tax, taxpayers may also be subject to special assessments. A special assessment is a property tax that can be added for certain special projects, like installing water lines, sewer lines, and storm water runoff systems. The base property tax, and any additional special assessments, form the total property tax:
Base Property Tax + Special Assessments = Total Property Tax
The total property tax amount can be reduced by reduction credits, which are discussed more fully on our Tax Reduction Programs. In many cases, taxpayers are able to reduce their total tax burden using one of the reduction programs available to them in Portage County.
Total Property Tax - Reduction Credits = Property Tax Owed
Property taxes are collected by the Treasurer twice each year, with approximately half due in February and the remaining half due in July. For more information on the property tax rate calculation process, contact the Auditor’s office at 330-297-3561.
To find your current property tax rates, and tax rates for past years, use the links below:
- Real Property 2022 Tax Rates Collected in 2023
- Real Property 2021 Tax Rates Collected in 2022
- Real Property 2020 Tax Rates Collected in 2021
- Real Property 2019 Tax Rates Collected in 2020
- Real Property 2018 Tax Rates Collected in 2019
- Real Property 2017 Tax Rates Collected in 2018
- Real Property 2016 Tax Rates Collected in 2017
- Real Property 2015 Tax Rates Collected in 2016
- Real Property 2014 Tax Rates Collected in 2015
- Real Property 2013 Tax Rates Collected in 2014
- Real Property 2012 Tax Rates Collected in 2013
- Real Property 2011 Tax Rates Collected in 2012
- Real Property 2010 Tax Rates Collected in 2011