Tipp City, Ohio Property Taxes
The median property tax rate in Tipp City, OH is 1.52%, which is higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Tipp City, the typical annual property tax bill reaches $3,541, exceeding the national median of $2,690. Property taxes in Tipp City 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 Tipp City'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 Tipp City or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tipp City, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Tipp City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tipp City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tipp City 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 Tipp City, Ohio
Property taxes in Tipp City, Ohio, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Tipp City is 1.52%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Tipp City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tipp City 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 Tipp City's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 45371 has the highest median property tax rate of 1.52%, while the same zip code also has the lowest median tax rate of 1.52%. Understanding how these cities compare with Tipp City provides valuable insights into the varying tax landscape across Miami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tipp City Tax Rate
1.52%
Average Miami County Tax Rate
1.33%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tipp City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45371 | 1.34% | 1.51% | 1.52% | 1.63% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Tipp City, Ohio
In Tipp City, 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 Miami 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 Tipp City, 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. For instance, the median home price in Tipp City is $226,800, with tax bills ranging from $2,562 at the 25th percentile to $6,033 at the 90th percentile. Zip code 45371 has the highest median tax bill at $3,541. 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 Tipp City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tipp City Assessed Value
$226,800
Average Miami County Assessed Value
$159,300
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tipp City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45371 | $109,800 | $166,300 | $226,800 | $301,300 | $382,100 |
Source: Ownwell
Property Tax Bills Across Tipp City, Ohio
In Tipp City, Miami 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 market value of the home. The tax rate, applied to this assessed value, is set by local taxing authorities and can vary depending on budgetary needs and voter-approved levies. For homeowners, this means that if the market value of their home increases, the assessed value and consequently their property tax bill may also rise. In Tipp City, the median home price is $226,800, and property tax bills can range significantly. For example, the tax bill at the 25th percentile is $2,562, while at the 75th percentile, it’s $4,788. At the 90th percentile, homeowners might see bills as high as $6,033. Given that the national median property tax rate is 0.99%, homeowners in Tipp City may find their tax rates to be relatively comparable, yet still influenced by local factors and assessments.
Average Tipp City Tax Bill
$3,541
Average Miami County Tax Bill
$2,118
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Tipp City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45371 | $1,863 | $2,562 | $3,541 | $4,788 | $6,033 |
Source: Ownwell