Millfield, Ohio Property Taxes
The median property tax rate in Millfield, OH is 2.03%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Millfield at $55,730, the typical annual property tax bill reaches $1,044, exceeding the national median of $2,690. Property taxes in Millfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Millfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Millfield or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millfield, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.03%
Estimate Property Tax Bill
$1,131
Ownwell’s Millfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millfield to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Millfield, Ohio
Property taxes in Millfield, Ohio, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Millfield is 1.21%, slightly higher than the Ohio state median of 1.36% but still above the U.S. national median of 0.99%. Local government entities within Millfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millfield estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Millfield's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45761 zip code has the highest median property tax rate of 1.21%, while the 45761 zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Millfield provides valuable insights into the varying tax landscape across Athens County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millfield Tax Rate
2.03%
Average Athens County Tax Rate
1.77%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45761 | 1.22% | 1.75% | 2.03% | 2.06% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Millfield, Ohio
In Millfield, Ohio, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Millfield, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Millfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 45761 has the highest median tax bill of $1,044.
Average Millfield Assessed Value
$55,730
Average Athens County Assessed Value
$88,765
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45761 | $8,328 | $26,910 | $55,730 | $97,090 | $155,770 |
Source: Ownwell
Property Tax Bills Across Millfield, Ohio
In Millfield, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is a percentage of the property's market value. Homeowners in Millfield can expect property tax bills to vary significantly, with 25th percentile bills around $460 and 75th percentile bills reaching up to $1,885. For those in the 90th percentile, bills can escalate to $2,961. Several factors influence these tax bills, including the property's location, size, and any improvements made. The median property tax rate in Millfield is 1.87%, which is higher than the national median of 0.99%. This higher rate means that homeowners in Millfield might pay more in property taxes compared to the national average. Understanding these elements helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Millfield Tax Bill
$1,044
Average Athens County Tax Bill
$1,453
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Millfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45761 | $155 | $460 | $1,044 | $1,885 | $2,961 |
Source: Ownwell