The city of Geneva, Ohio boasts a charming atmosphere, beautiful landscapes, and a tight-knit community that makes it an attractive place to live. However, one of the practical considerations that every homeowner and potential property buyer should be aware of is the property tax system. Property taxes play a crucial role in funding various community services and infrastructures. In this blog post, we will discuss the property tax rates in Geneva, Ohio, and what you need to know as a property owner or potential buyer.
Understanding Property Taxes in Geneva, Ohio
Property taxes are calculated based on the assessed value of your property. In Ohio, the assessed value is 35% of the property’s market value, as determined by the county auditor. The market value is typically the amount for which a property would sell in an arm’s length transaction between a willing buyer and a willing seller.
The property tax rates in Ohio are expressed in mills, where one mill is equal to $1 of tax for every $1,000 of assessed value. The total property tax rate is determined by adding up the individual tax rates of the various taxing jurisdictions (e.g., county, city, school district) in which the property is located.
Geneva, Ohio Property Tax Rates
In Geneva, the total property tax rate for 2021 is 97.3 mills. This rate is divided among the city, county, and school district as follows:
- Ashtabula County: 30.9 mills
- City of Geneva: 10.0 mills
- Geneva Area City Schools: 56.4 mills
How to Calculate Your Property Taxes in Geneva
To calculate your property taxes in Geneva, follow these steps:
- Determine the market value of your property. You can either use the value given by the county auditor or hire a professional appraiser to provide an estimate.
- Calculate the assessed value by multiplying the market value by 35% (0.35).
- Multiply the assessed value by the total property tax rate (97.3 mills) and divide by 1,000.
Here’s an example to help illustrate this process. Let’s say your home has a market value of $200,000. First, calculate the assessed value:
Assessed value = $200,000 x 0.35 = $70,000
Next, calculate the property taxes:
Property taxes = ($70,000 x 97.3) / 1,000 = $6,811
In this example, your annual property taxes in Geneva would be $6,811.
Understanding property taxes in Geneva, Ohio, is important for both current homeowners and potential property buyers. The city’s property tax rate is competitive with that of other cities in the region, and the revenue generated helps to support essential services and infrastructure. By familiarizing yourself with the local tax rates and calculations, you can make informed decisions about property ownership and budgeting. If you have any questions regarding property taxes in Geneva, it is recommended to consult with a local tax professional or the Ashtabula County Auditor’s Office.