Ohio isn’t often mentioned in the list of high-tax states. However, Ohio property taxes are right up there among the highest in the nation.
According to a recent report by ATTOM Data Solutions, residents of Ohio pay the 9th highest property tax rate in the country at 1.72%.
Ohio’s property tax rate increased last year by 0.6% from 2016 levels. The average annual property tax in Ohio for 2017 was $$2,717 in 2017 and in 2016 that figure was $$2,616.
The Cleveland-Elyria metropolitan area had an average property tax amount of $$3,561 and an effective tax rate of 2.11 percent. The average property taxes in the metro area increased 6 percent when compared to 2016. Nationwide, the average metro area property tax rate increased just 3 percent.
Overall, Ohio isn’t the worst offender. States like New Jersey, New Hampshire, and Illinois have the highest effective property tax rates. However, when Ohioans are paying more than residents in traditionally high-tax states, residents take notice.
Despite this, a recent report by the National Association of Realtors has Ohio ranked as one of the most affordable housing markets in the country!
Using home prices, mortgage costs and median income figures, the trade association concluded that buyers in Ohio have the easiest time affording a home while those in Hawaii and California have the toughest time.
The four most affordable metropolitan areas in the nation are all in Ohio: Youngstown, Dayton, Toledo and Akron. In those areas, typical households can buy about 75 percent of homes for sale.
The survey looked more at the availability of purchasing a home and the barriers to doing so than the long-term costs associated with home ownership. Ohio property taxes are still a reality for would-be home buyers. However, if the data is correct, getting there is easier in Ohio than elsewhere.
Considering a Move?
Property taxes will encounter a homeowner no matter where they buy their home. However, if you’re considering a move then property taxes should be a consideration.
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