Richfield, Summit County, Ohio Property Taxes
Median Richfield, OH effective property tax rate: 1.43%, significantly higher than the national median of 1.02%, but lower than the Ohio state median of 1.80%.
Median Richfield, OH home value: $366,100
Median annual Richfield, OH tax bill: $5,160, $2,760 higher than the national median property tax bill of $2,400.
How are property taxes in Summit County calculated?
Property taxes in Richfield, OH 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 Richfield’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Richfield, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Richfield, Summit County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.43%
Estimate Property Tax Bill
$5,235
$4,858
Property Tax Rates Across Richfield, Summit County, Ohio
Local government entities determine tax rates, which can vary significantly within a state. This variability stems from each county's annual budget estimation to fund services, which is divided by the total value of all taxable property in its area, resulting in the property tax rate. While votes and laws play roles in setting these rates and budgets, this is the core of the annual process.
In Richfield, located in Summit County, Ohio, the effective property tax rate is a key figure to consider. Comparing Richfield's tax rate to other cities in Ohio and the national median provides valuable insights. Ohio's median property tax rate stands at 1.43%, notably higher than the national median of 1.02%. This suggests that property owners in Richfield may experience a higher tax burden compared to the national average. Understanding these differences can be crucial for property owners when evaluating their tax liabilities and exploring potential savings through tax appeals or exemptions.
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 Richfield Tax Rate
1.43%
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 Summit County Tax Rate
1.63%
Median Effective Ohio Tax Rate
1.80%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Richfield, Summit County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44286 | 1.21% | 1.26% | 1.43% | 1.65% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Richfield, Summit County, Ohio
When examining property taxes in Richfield, 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 Summit County appraisal district 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 Summit 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 Richfield. For example, the median home price in Richfield is $366,100, with tax bills ranging significantly across the county. Zip code 44286 has the highest median home price at $366,100.
Property Tax Assessment Values Across Richfield, Summit County, Ohio
Source: Ownwell
$45,690
$300,230
$554,770
Median Richfield Market Value
$366,100
Median Summit County Market Value
$168,880
Median Ohio Market Value
$133,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Richfield, Summit County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44286 | $201,880 | $254,720 | $366,100 | $560,410 | $789,370 |
Source: Ownwell
Property Tax Bills Across Richfield, Summit County, Ohio
In Richfield, OH, within Summit County, property tax bills are determined by assessing the property's market value and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate to calculate the tax bill. Factors such as location, property type, and improvements can influence the market value. Homeowners in Richfield face a median property tax bill of $5,160, which is significantly higher than the national median of $2,400. This can place a considerable financial burden on homeowners, especially when compared to the national median property tax rate of 1.02%.
Ownwell can assist homeowners by providing expert property tax appeal and exemption services. By analyzing the property's assessed value and ensuring it reflects the true market value, Ownwell helps identify potential savings. This can result in a reduction of the property tax bill, providing financial relief to homeowners. With Ownwell's expertise, homeowners can navigate the complexities of property tax assessments and ensure they are not overpaying.
Median Richfield Tax Bill
$5,160
Median Summit County Tax Bill
$2,683
Median Ohio Tax Bill
$2,396
Median United States Tax Bill
$2,400
Property Tax Bills Across Richfield, Summit County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44286 | $2,546 | $3,365 | $5,160 | $8,418 | $12,699 |
Source: Ownwell