Kensington, Ohio Property Taxes
The median property tax rate in Kensington, Ohio is 1.18%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $95,250 in Kensington, the typical annual property tax bill amounts to $1,178, which is below the national median of $2,690. Property taxes in Kensington are based on the assessed value, usually lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Kensington'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 Kensington or another part of Columbiana County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kensington, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Kensington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kensington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kensington 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 Kensington, Ohio
Property taxes in Kensington, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kensington is 1.18%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Kensington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kensington 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 Kensington's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44427 zip code has the highest median property tax rate of 1.18%, while the 44427 zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Kensington provides valuable insights into the varying tax landscape across Columbiana, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kensington Tax Rate
1.18%
Average Columbiana County Tax Rate
1.27%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kensington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44427 | 0.98% | 1.09% | 1.18% | 1.41% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Kensington, Ohio
In Kensington, 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 Columbiana County 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 Kensington, 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 Kensington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 44427 has the highest median tax bill of $1,178, which can be a significant factor for homeowners in that area.
Average Kensington Assessed Value
$95,250
Average Columbiana County Assessed Value
$95,700
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kensington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44427 | $30,210 | $58,825 | $95,250 | $141,600 | $203,390 |
Source: Ownwell
Property Tax Bills Across Kensington, Ohio
In Kensington, located in Columbiana County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value. For instance, with the median home price at $95,250, homeowners can expect a considerable variation in their tax bills. The 25th percentile tax bill is around $660, while the 75th percentile reaches up to $1,812, and the 90th percentile can be as high as $2,550. These property taxes are used to fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Comparing this to the national median property tax rate of 0.99%, Kensington's tax rates can be seen as relatively moderate, although individual tax bills can vary widely based on property valuations and specific local levies. Homeowners in Kensington should be aware of these factors to better understand their tax responsibilities and potential benefits.
Average Kensington Tax Bill
$1,178
Average Columbiana County Tax Bill
$1,157
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Kensington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44427 | $337 | $660 | $1,178 | $1,812 | $2,550 |
Source: Ownwell