Higher property taxes seen across Ohio
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Median property taxes in Ohio rose 23.1% from 2019 to 2023, above the national average of 21.6%.
Why it matters: The increased tax rates come as buying a home in Columbus grows costlier.
- The annual income required to afford a median-priced home is up 23.8% 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% since 2019, 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.
- Franklin County has the third highest average effective property tax rate of all Ohio counties.
The other side: Still, Zillow ranks Columbus as the No. 3 hottest housing market in the country in 2024, based on strong demand, steady home values and job growth.
- The projected typical home value in Columbus is $301,138 compared with the U.S. average of $347,415.
What's we're watching: Last week the Ohio Senate Select Committee on Housing made an array of legislative recommendations aimed at tackling the high cost of housing and property taxes.
- Ideas include creating a statewide pro-development campaign (for example, the report floats, "Ohio Says YIMBY") and helping local governments revise outdated zoning codes.
- Several lawmakers also voiced support for capping property taxes paid by low-income residents, per WSYX-TV.