Understanding Property Taxes: What Every Homeowner Should Know
Property taxes may not be the most exciting topic, but they play a big role in homeownership — and in your monthly payment. Let’s take a closer look at how they work, what they fund, and what to expect as a homeowner in central Ohio.
Your property tax bill is determined by two main factors: the assessed value of your property and the local tax rate. The county auditor assesses each property’s value, and local governments apply their specific rates to that value.
These taxes are used to fund essential community services — like public schools, police and fire departments, libraries, and road maintenance. In short, property taxes help keep your community running.
If you have a mortgage, your property taxes are often paid through an escrow account. Each month, your lender collects a portion of the estimated taxes along with your mortgage payment. When the bill comes due — typically twice a year — your lender pays it directly to the county.
This is why your mortgage payment can sometimes change. When your taxes (or insurance) increase, your lender adjusts your monthly escrow contribution. Reviewing your annual escrow statement is a great way to understand these changes.
You can find your property’s assessed value and tax history online through your county auditor’s website. If you believe your home’s assessed value is inaccurate, you can even file an appeal during your county’s review period.
Final thought from Katy:
“Understanding your property taxes means fewer surprises and smarter planning. Whether you’re budgeting for your next home or reviewing your escrow, I’m always happy to help you understand what affects your monthly payment — and how to plan ahead confidently.”
Helping Columbus and Delaware homeowners make smart moves, one home at a time.
Contact Katy or schedule an appointment
Katy Jones
Coldwell Banker Realty
614-572-6362
Katy.Jones@CBRealty.com
www.BuySellLoveColumbusOhio.com