This village was originally settled and called Newellstown in 1801, and was probably the first settlement in Pickaway County, Ohio. The famous Zane's Trace passed through Tarlton as well, and was the major route between Maysville, Kentucky and the Wheeling, West Virginia (which at that time was part of the State of Virginia).
According to the United States Census Bureau, the village has a total area of 0.4 square miles (1.1 km²), which is all land.
Tarlton's elevation is 902 feet above sea level.
There were 102 households out of which 38.2% had children under the age of 18 living with them, 56.9% were married couples living together, 8.8% had a female householder with no husband present, and 25.5% were non-families. 23.5% of all households were made up of individuals and 13.7% had someone living alone who was 65 years of age or older. The average household size was 2.92 and the average family size was 3.39.
In the village the population was spread out with 31.2% under the age of 18, 7.4% from 18 to 24, 30.5% from 25 to 44, 19.8% from 45 to 64, and 11.1% who were 65 years of age or older. The median age was 36 years. For every 100 females there were 101.4 males. For every 100 females age 18 and over, there were 107.1 males.
The median income for a household in the village was $31,875, and the median income for a family was $43,125. Males had a median income of $30,938 versus $25,625 for females. The per capita income for the village was $13,379. About 9.0% of families and 6.0% of the population were below the poverty line, including 1.1% of those under the age of eighteen and 22.5% of those sixty five or over.