Smithfield, Ohio Property Taxes
The median property tax rate in Smithfield, OH is 1.89%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Smithfield, the typical annual property tax bill reaches $818, which is significantly lower than the national median of $2,690. Property taxes in Smithfield 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 Smithfield'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 Smithfield or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithfield, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.89%
Estimate Property Tax Bill
$818
Ownwell’s Smithfield Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Smithfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithfield to provide an estimate of 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 Smithfield, Ohio
Property taxes in Smithfield, Ohio, are essential for funding local services like public schools, road maintenance, and emergency services. The median tax rate in Smithfield is 1.89%, which is significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithfield 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 Smithfield's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43948 zip code has the highest median property tax rate of 1.89%, while the lowest median tax rate is also 1.89%. Understanding how these cities compare with Smithfield provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithfield Tax Rate
1.89%
Average Jefferson County Tax Rate
2.19%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43948 | 1.89% | 1.89% | 1.89% | 1.89% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Smithfield, 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 Jefferson 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 Smithfield, 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. For instance, the median home price in Smithfield is $43,300, with tax bills ranging from $411 at the 25th percentile to $1,477 at the 90th percentile. The zip code 43948 has the highest and lowest median tax bill at $818. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smithfield Assessed Value
$43,300
Average Jefferson County Assessed Value
$67,215
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43948 | $8,622 | $21,785 | $43,300 | $56,940 | $78,200 |
Source: Ownwell
Property Tax Bills Across Smithfield, Ohio
In Smithfield, property tax bills are calculated based on the assessed value of a property, which is determined by the local county assessor. This assessed value is then multiplied by the property tax rate set by Jefferson County. The assessed value typically reflects a percentage of the property's market value. Various factors such as property size, location, and improvements can influence this assessed value. For homeowners in Smithfield, the median home price is $43,300, and property tax bills can vary significantly. The 25th percentile tax bill is $411, while the 75th percentile reaches $1,075, and the 90th percentile goes up to $1,477. These figures highlight the wide range of property tax obligations homeowners might face, depending on their property’s assessed value and other influencing factors. Compared to the national median property tax rate of 0.99%, the property tax rate in Smithfield can result in substantial variations in annual tax bills, impacting homeowners' financial planning and budgeting.
Average Smithfield Tax Bill
$818
Average Jefferson County Tax Bill
$1,517
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43948 | $163 | $411 | $818 | $1,075 | $1,477 |
Source: Ownwell