Prospect, Marion County, Ohio Property Taxes
Median Prospect, Ohio effective property tax rate: 1.45%, significantly higher than the national median of 1.02%, but lower than the Ohio state median of 1.80%.
Median Prospect, Ohio home value: $155,655
Median annual Prospect, Ohio tax bill: $2,251, $149 lower than the national median property tax bill of $2,400.
How are property taxes in Marion calculated?
Property taxes in Prospect, Ohio are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Prospect’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Prospect, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Prospect, Marion County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.45%
Estimate Property Tax Bill
$2,257
$2,094
Property Tax Rates Across Prospect, Marion County, Ohio
Local government entities are responsible for setting tax rates, which can vary significantly within a state. This variation occurs because each county annually estimates its necessary budget to provide essential services and then divides that by the total value of all taxable property within its jurisdiction. This calculation determines the property tax rate. While there are numerous votes and laws involved in setting these tax rates and budgets, this is essentially the annual process.
In Prospect, located in Marion County, Ohio, the effective property tax rate is a reflection of this process. When compared to other cities in Ohio, Prospect's property tax rate offers a unique perspective. It's important to consider that the median property tax rate in Ohio is higher than the national median, which stands at 1.02%. This comparison highlights the diverse landscape of property taxation within the state. For homeowners in Prospect, understanding these rates is crucial for financial planning and property investment decisions. By staying informed about local tax rates and how they compare to state and national averages, residents can make more informed decisions about their property investments.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Prospect Tax Rate
1.45%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Marion County Tax Rate
1.35%
Median Effective Ohio Tax Rate
1.80%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Prospect, Marion County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43342 | 1.25% | 1.42% | 1.45% | 1.67% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Prospect, Marion County, Ohio
When examining property taxes in Prospect, Ohio, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Marion County Auditor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices: In Marion County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Prospect. For example, the median home price in Prospect is $155,655, with tax bills ranging significantly across the county. Zip code 43342 has the highest median home price at $155,655.
Property Tax Assessment Values Across Prospect, Marion County, Ohio
Source: Ownwell
$90,060
$149,260
$208,460
Median Prospect Market Value
$155,655
Median Marion County Market Value
$101,515
Median Ohio Market Value
$133,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Prospect, Marion County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43342 | $77,767 | $111,680 | $155,655 | $218,082 | $297,727 |
Source: Ownwell
Property Tax Bills Across Prospect, Marion County, Ohio
Median Prospect Tax Bill
$2,251
Median Marion County Tax Bill
$1,434
Median Ohio Tax Bill
$2,396
Median United States Tax Bill
$2,400
Property Tax Bills Across Prospect, Marion County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43342 | $1,223 | $1,681 | $2,251 | $3,193 | $4,304 |
Source: Ownwell
