Here's how much Ohio property taxes have risen
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Median property taxes in Ohio rose 23% from 2019 to 2023, above the national average of 21.6%.
Why it matters: The increased tax rates come as buying a home in Cleveland grows costlier.
- The annual income required to afford a median-priced home is up 22% year over year in 2023, according to Redfin.
By the numbers: The median property tax bill in Ohio in 2023 was $2,530, up from $2,054 in 2019, according to the latest data that CoreLogic shared with Axios.
The big picture: Median property taxes on U.S. single-family homes rose from $2,367 in 2019 to $2,877 in 2023, per CoreLogic.
- Property tax bills are steeper nationwide after U.S. home prices surged nearly 40% during the pandemic, according to a recent CoreLogic report.
What they're saying: "As U.S. home prices have continued to rise and reach record highs, millions of owners are feeling the pinch from soaring property taxes," CoreLogic principal economist Yanling Mayer wrote in the report.
How it works: Property taxes, which are based on a home's assessed value and the local tax rate, typically climb as home values rise, according to Mayer.
- Cuyahoga County has the highest average effective property tax rate of all Ohio counties.
The other side: Still, Zillow ranks Cleveland as the No. 7 hottest housing market in the country in 2024, based on strong demand, steady home values and job growth.
- The projected typical home value in Cleveland is $215,597, compared with the U.S. average of $347,415.
What's next: Cuyahoga County is scheduled to conduct new property valuations in 2024, which would be applied to 2025 tax bills.