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Are you looking to move to Cleveland Ohio and you're not exactly sure where to start looking? All you know for a fact is you want to avoid areas with high property taxes because let's be honest, who wants to pay more in taxes? The greater Cleveland area property tax rates ranges from $2,100 - $4,100 a year per $100,000 of home value with the most expensive tax rate found in the eastern suburbs of Cleveland. That's right, the eastern suburbs of Cleveland has some of the most expensive property taxes in all of Ohio!
According to WalletHub.com, when ranked by the effective tax rate, Ohio ranks 12th highest in the nation for property taxes. However, the median home value in Ohio is $131,900, which ranks Ohio as 9th lowest in the country. Many people that move to Ohio relocate here because the cost of living is so low, but make sure you check the cities taxes because every city varies in their tax rates.
Below are the 6 areas with the highest taxes in Ohio:
#1 - The small portion of South Euclid that is part of the Cleveland Heights-University Heights school system. Combining all local and county taxes there, the overall rate is $4,219 per $100,000 of home value for 2020 taxes being billed in 2021.
#2 - The Shaker Square neighborhood of Cleveland, where some homes are in the Shaker Heights school system, at $4,093.
#3 - University Heights at $4,049.
#4 - Cleveland Heights at $4,026 for for the portion of the city in the Cleveland Heights-University Heights school system.
#5 - Shaker Heights at $4,008.
#6 - Garfield Heights at $3,965 for the portion of the city that is in the Garfield Heights school system.
The median rates by county are $1,648 in Medina, $1,706 in Portage, $1,817 in Lorain, $1,951 in Geauga, $2,146 in Summit, $2,215 in Lake and $2,596 in Cuyahoga. The sharpest increases regionally were the result of voter-approved levies on last year’s ballots.
The region is trending toward even higher taxes, indicated by a 24 percent jump in Cleveland’s local taxes from 2015 to 2017, primarily due to a boost in the income tax rate from 2 percent to 2.5 percent. The real issue at hand is the way the city is structured. Cuyahoga County is structured to provide services that hasn’t changed significantly in 50 years, although the population has dropped by almost 30 percent in those 50 years. Every person who lives in the city of Cleveland is paying a penalty for the way we are structured,
Under state law and Department of Taxation rules, real property in all counties is reappraised every six years and property values are updated in the third year following each sexennial reappraisal. The schedule is a continuous six year cycle — so, for example, counties that undergo a sexennial reappraisal during 2014 will also undergo a full reappraisal in 2020.
Fueled by the record low interest rates and record low housing inventory, in 2020, the home values in the Cleveland Ohio appreciated, on average, a record 14%. Property home values were assessed and to the homeowners surprise, their monthly mortgage payment increased anywhere from $30-$90 a month. For some, this could be the difference of not being able to afford their mortgage anymore.
If you're curious on which areas saw the largest appreciation and the lowest housing appreciation, watch the short video below.
If you're looking to move to Cleveland/Akron Area, make sure you send me a text, phone call, email, because not matter how you want to get a hold of me, I got your back when moving to the area.
(330) 520-3322