Mount Victory, Ohio Property Taxes
The median property tax rate in Mount Victory, OH is 1.59%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Mount Victory at $81,455, the typical annual property tax bill amounts to $1,425, which is below the national median of $2,690. Property taxes in Mount Victory are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a clear understanding of Mount Victory'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 Mount Victory or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Victory, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$1,295
Ownwell’s Mount Victory Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mount Victory using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate for Mount Victory to generate an accurate property tax bill estimate. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Hardin County for property tax calculations, accounting for any applicable exemptions.
Property Tax Rates Across Mount Victory, Ohio
Property taxes in Mount Victory, Ohio, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Victory is 1.59%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Mount Victory set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Victory 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 Mount Victory's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 43340 has the highest median property tax rate of 1.59%, while the lowest median tax rate in the same zip code is also 1.59%. Understanding how these areas compare with Mount Victory provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Victory Tax Rate
1.59%
Average Hardin County Tax Rate
1.61%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Victory, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43340 | 1.00% | 1.33% | 1.59% | 1.74% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Mount Victory, Ohio
In Mount Victory, 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 Hardin 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 Mount Victory, 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 Mount Victory helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 43340, with a median tax bill of $1,425.
Average Mount Victory Assessed Value
$81,455
Average Hardin County Assessed Value
$82,480
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Victory, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43340 | $9,424 | $47,358 | $81,455 | $137,065 | $296,280 |
Source: Ownwell
Property Tax Bills Across Mount Victory, Ohio
In Mount Victory, located in Hardin County, OH, property tax bills are calculated based on the assessed value of your home. The local tax rate is applied to this assessed value to determine your annual tax bill. For example, with a median home price of $81,455, the tax rate will dictate the final amount you owe. Various factors, such as property size, location, and any improvements made, can influence the assessed value. Homeowners in Mount Victory can expect a wide range of tax bills. The 25th percentile tax bill is around $825, while the 75th percentile tax bill reaches approximately $2,266. For those in the 90th percentile, the tax bill can be as high as $3,772. The median tax bill in the area is $1,425, which is relatively high compared to the national median property tax rate of 0.99%. This variability affects homeowners differently, impacting their overall financial planning and budgeting.
Average Mount Victory Tax Bill
$1,425
Average Hardin County Tax Bill
$1,448
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Victory, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43340 | $393 | $825 | $1,425 | $2,266 | $3,772 |
Source: Ownwell