Montgomery, Ohio Property Taxes
The median property tax rate in Montgomery, Ohio is 2.11%, significantly higher than both the national median of 0.99% and Ohio's state median of 1.80%. With the median home value in Montgomery at $371,570, the typical annual property tax bill reaches $7,775, far exceeding the national median of $2,690. Property taxes in Montgomery are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Montgomery'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 Montgomery or another part of Hamilton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montgomery, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$7,840
Ownwell’s Montgomery Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montgomery with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montgomery 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 Montgomery, Ohio
Property taxes in Montgomery, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montgomery is 2.11%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Montgomery set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montgomery 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 Montgomery's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45242 zip code has the highest median property tax rate of 2.11%, while the 45249 zip code has the lowest median tax rate of 2.11%. Understanding how these cities compare with Montgomery provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montgomery Tax Rate
2.11%
Average Hamilton County Tax Rate
2.32%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montgomery, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45242 | 1.96% | 2.11% | 2.11% | 2.11% | 2.17% |
| 45249 | 1.98% | 2.11% | 2.11% | 2.11% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Montgomery, Ohio
In Montgomery, 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 Hamilton County Auditor 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 Montgomery, 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 Montgomery helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $9,401 in the 45249 zip code, while the lowest median tax bill is $7,373 in the 45242 zip code.
Average Montgomery Assessed Value
$371,570
Average Hamilton County Assessed Value
$139,190
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montgomery, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45242 | $184,910 | $297,480 | $354,010 | $476,490 | $724,230 |
| 45249 | $316,548 | $363,325 | $445,500 | $699,530 | $954,818 |
Source: Ownwell
Property Tax Bills Across Montgomery, Ohio
In Montgomery, Hamilton County, OH, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is a percentage of the property's market value. Tax rates are then applied to this assessed value to calculate the tax bill. The median home price in Montgomery is $371,570, and the property tax rate in Hamilton County is comparable to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For instance, the tax bill at the 25th percentile is $6,375, while at the 75th percentile, it rises to $11,010. Homeowners in the highest tax bracket, at the 90th percentile, face tax bills up to $16,386. The highest median tax bill in the area is $9,401 in the 45249 zip code, while the lowest is $7,373 in the 45242 zip code. These variations significantly impact homeowners' financial planning and overall cost of living.
Average Montgomery Tax Bill
$7,775
Average Hamilton County Tax Bill
$3,119
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Montgomery, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45242 | $3,778 | $6,120 | $7,373 | $9,967 | $15,087 |
| 45249 | $6,559 | $7,611 | $9,401 | $14,739 | $20,135 |
Source: Ownwell