https://www.cleveland.com/datacentral/2018/01/property_tax_bite_ranking_cuya.html
*Property Market Value times 35% (.35) = Assessed Value divided by 100 times .15 (millage) = Cost of Issue 53 per year
Example 1
Property Market Value = $88,000 x .35 = $30,800 Assessed Value/100 = 308 x .15 = $46.20 per year = $3.85 per month
Example 2
Property Market Value = $100,000 x .35 = $35,000 Assessed Value/100 = 308 x .15 = $52.50 per year = $4.38 per month
Example 3
Property Market Value = $125,000 x .35 = $43,750 Assessed Value/100 = 308 x .15 = $65.63 per year = $5.47 per month
Q: What is the difference between “Market Value” and “Assessed Value”?
A: “Market Value” is defined as the price your property would likely sell for in an open and competitive market between a willing buyer and willing seller, neither being under any undue pressure, both having full knowledge of all relevant facts about the property and the uses to which it may be put. “Assessed Value” on real estate is set at 35% of market value by the State of Ohio. Assessed Value is the value of taxable property to which the tax rate is applied to compute the amount of property taxes.
*To find your current market value visit the Cuyahoga County Fiscal Officer's website - see link below.
**Your Market Value is $25,000 lower if you qualify for the Homestead Exemption.
The homestead exemption allows low-income senior citizens and permanently and totally disabled Ohioans, to reduce their property tax bills, by shielding some of the market value of their homes from taxation. The exemption, which takes the form of a credit on property tax bills, allows qualifying homeowners to exempt up to $25,000 of the market value of their homes from all local property taxes. For example, through the homestead exemption, a home with a market value of $100,000 is billed as if it is worth $75,000.
The exact amount of savings varies from location to location. But overall, across Ohio, qualified homeowners saved an average of about $495 per taxpayer during the 2015 tax year. The tax exemption is limited to the homestead, which Ohio law defines as an owner’s dwelling and up to one acre of land. The value of the exemption may not exceed the value of the homestead. The 2017 income threshold is $31,800, the 2018 threshold is $32,200, and the 2019 threshold is $32,800.
Click on the heading to find out more.
Paid for by The Taking it to the Streets Campaign, Sean Patrick Brennan, Treasurer, 6306 Hampstead Avenue, Parma, Ohio, 44129.
**NO TAXPAYER DOLLARS MAY BE SPENT ON THE ISSUE 53 LEVY**