43342 Property Tax Rate

Property owners in ZIP code 43342 (Prospect, Ohio) pay a median of $1,879/year in property taxes on homes valued at $168,600. This translates to an effective tax rate of 1.11%, which is 10% below the Ohio state average of 1.24%.

The monthly property tax burden for a median-valued home in 43342 is approximately $157, which factors into escrow payments on mortgages. This ZIP code is located within Marion County. This is $425 less than the Ohio average of $2,304/year.

Compared to similar ZIP codes in Ohio, 43342 has higher property taxes. ZIP codes with similar effective rates include 44625 (1.11%) and 44849 (1.11%).

In Prospect, property taxes represent approximately 2.6% of the median household income of $71,667, providing context for the relative tax burden on homeowners in this area.

Ohio reassesses property at each sale, with the county auditor conducting triennial revaluations for existing owners; your purchase price becomes the new assessed value. Marion County primary residences receive a 2.5% Owner-Occupancy Credit (approximately $35 annual savings on the median home), and homeowners 65+ or disabled qualify for the Homestead Exemption for further relief. Contact the Marion County Auditor within 30 days of purchase to register your homestead status and ensure the credit appears on your first bill.