Thornville, Ohio Property Taxes
The median property tax rate in Thornville, OH is 2.47%, significantly higher than both the national median of 0.99% and the Ohio state median of 1.80%. With a median home value of $163,400, the typical annual property tax bill in Thornville reaches $3,853, far exceeding the national median of $2,690. Property taxes in Thornville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Thornville'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 Thornville or another part of Licking County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thornville, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.47%
Estimate Property Tax Bill
$4,036
Ownwell’s Thornville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thornville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thornville 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 Thornville, Ohio
Property taxes in Thornville, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thornville is 2.47%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Thornville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thornville 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 Thornville's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 43076 has the highest median property tax rate of 2.47%, while the same zip code also has the lowest median tax rate of 2.47%. Understanding how these areas compare with Thornville provides valuable insights into the varying tax landscape across Licking County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thornville Tax Rate
2.47%
Average Licking County Tax Rate
2.22%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thornville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43076 | 2.11% | 2.14% | 2.47% | 2.47% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Thornville, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thornville, 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 Licking 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. Assessment notices in Thornville 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Thornville, the median home price is $163,400, with the 25th percentile tax bill at $1,697 and the 75th percentile tax bill at $5,894. The highest and lowest median tax bill in the area is $3,853, both in the 43076 zip code.
Average Thornville Assessed Value
$163,400
Average Licking County Assessed Value
$163,800
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thornville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43076 | $15,900 | $75,875 | $163,400 | $254,250 | $355,350 |
Source: Ownwell
Property Tax Bills Across Thornville, Ohio
In Thornville, Licking County, OH, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the county's property assessor and is typically a percentage of the market value of the home. For example, with a median home price of $163,400, the assessed value would be a fraction of that amount, depending on local assessment ratios. The tax rate is then applied to this assessed value to determine the annual property tax bill. In Thornville, property tax bills can vary significantly, with the 25th percentile at $1,697 and the 75th percentile reaching $5,894. At the 90th percentile, homeowners might see tax bills as high as $8,042. The highest median tax bill recorded in the area is $3,853. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Homeowners should be aware of these factors as they can influence overall housing costs and affordability.
Average Thornville Tax Bill
$3,853
Average Licking County Tax Bill
$3,689
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Thornville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43076 | $342 | $1,697 | $3,853 | $5,894 | $8,042 |
Source: Ownwell