Summerfield, Ohio Property Taxes
The median property tax rate in Summerfield, OH is 1.00%, slightly higher than the national median of 0.99% but significantly lower than Ohio's state median of 1.80%. With the median home value in Summerfield at $101,880, the typical annual property tax bill amounts to $888, which is well below the national median of $2,690. Property taxes in Summerfield are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Summerfield'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 Summerfield or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Summerfield, 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 Summerfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summerfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summerfield 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 Summerfield, Ohio
Property taxes in Summerfield, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summerfield is 1.00%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Summerfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summerfield 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 Summerfield's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43788 zip code has the highest median property tax rate of 1.00%, while the 43788 zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Summerfield provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summerfield Tax Rate
1.00%
Average Monroe County Tax Rate
1.01%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summerfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43788 | 0.54% | 0.93% | 1.00% | 1.02% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Summerfield, Ohio
In Summerfield, 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 Monroe 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 Summerfield, 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 Summerfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 43788, with a median tax bill of $888.00.
Average Summerfield Assessed Value
$101,880
Average Monroe County Assessed Value
$70,885
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summerfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43788 | $5,678 | $21,200 | $101,880 | $211,775 | $311,766 |
Source: Ownwell
Property Tax Bills Across Summerfield, Ohio
In Summerfield, Monroe County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting current real estate conditions. Tax rates are applied to this assessed value to determine the annual tax bill. These rates are set by local government entities and can vary depending on the needs of the community. For homeowners in Summerfield, the median home price is $101,880. The tax bill can range significantly, with the 25th percentile at $181 and the 75th percentile reaching $1,583. At the 90th percentile, homeowners might see tax bills as high as $2,401. The highest median tax bill in the area is $888, which is notably lower than the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing their overall housing costs and potentially affecting their financial planning and homeownership affordability.
Average Summerfield Tax Bill
$888
Average Monroe County Tax Bill
$677
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Summerfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43788 | $57 | $181 | $888 | $1,583 | $2,401 |
Source: Ownwell