Monday, February 18, 2013

Where Exactly Does Our Tax Money Go?

Whether you have recently purchased, or are a long time resident of North East Ohio, it is important to stay up-to-date with the most recent property tax information for our area.  Every county will re-evaluate property values using a three year cycle, and your newly assigned property value effects the taxes we as homeowners are responsible for.  Many of us are ready for the 2013 tax filing season, but do you actually know where the property taxes are allocated? 

Based on a $100,000 home value, the average tax rate equates roughly to $2,213 in taxes (Depending on actual rates for the seven counties surrounding the Cleveland-Akron area) and that amount is then dispersed accordingly.  The chart below created with data from shows us where our money is headed. 

When considering purchasing home, a great REALTOR will be able to let you know tax information for an area that you are looking at homes for sale, and also pertinent information for the related areas that your taxes are designated to.  Often times taxes can be lower in townships and villages, but research and education play crucial roles for the long-term satisfaction resulting from choosing a particular area in which to live.  

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