Benton Ridge, Ohio Property Taxes
The median property tax rate in Benton Ridge, OH is 1.23%, which is higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With the median home value in Benton Ridge at $89,010, the typical annual property tax bill is approximately $1,062, falling below the national median of $2,690. Property taxes in Benton Ridge are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Benton Ridge'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 Benton Ridge or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Benton Ridge, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$1,095
Ownwell’s Benton Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benton Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benton Ridge 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 Benton Ridge, Ohio
Property taxes in Benton Ridge, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benton Ridge is 1.23%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Benton Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benton Ridge 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 Benton Ridge's effective property tax rate to other areas in Hancock County and the national median. For comparison, the 45816 zip code has the highest median property tax rate of 1.23%, while the 45816 zip code also has the lowest median tax rate of 1.23%. Understanding how these areas compare with Benton Ridge provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benton Ridge Tax Rate
1.23%
Average Hancock County Tax Rate
1.24%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benton Ridge, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45816 | 1.01% | 1.23% | 1.23% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Benton Ridge, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Benton Ridge, Ohio. 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 Hancock 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 Benton Ridge, 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 Benton Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 45816 has the highest and lowest median tax bill, both at $1,062, indicating a uniform tax landscape.
Average Benton Ridge Assessed Value
$89,010
Average Hancock County Assessed Value
$151,760
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benton Ridge, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45816 | $23,220 | $69,890 | $89,010 | $108,970 | $136,330 |
Source: Ownwell
Property Tax Bills Across Benton Ridge, Ohio
In Benton Ridge, property tax bills are calculated based on the assessed value of a home, which is determined by the county's property assessor. This assessed value is then multiplied by the local tax rate. For homeowners in Hancock County, where Benton Ridge is located, the median home price is $89,010. Property tax bills can vary widely, with the 25th percentile tax bill at $844 and the 75th percentile at $1309. The 90th percentile tax bill reaches up to $1671. These tax bills are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions. For instance, the highest median tax bill recorded in the area is $1062 in the 45816 zip code, which aligns with both the highest and lowest median tax bills in the region. Compared to the national median property tax rate of 0.99%, Benton Ridge homeowners may find their property taxes to be relatively moderate, yet still impactful on their annual financial planning.
Average Benton Ridge Tax Bill
$1,062
Average Hancock County Tax Bill
$1,839
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Benton Ridge, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45816 | $293 | $844 | $1,062 | $1,309 | $1,671 |
Source: Ownwell