Brookville, Ohio Property Taxes
The median property tax rate in Brookville, OH is 2.17%, significantly higher than both the national median of 0.99% and Ohio's state median of 1.80%. With a median home value of $135,170 in Brookville, the typical annual property tax bill reaches $2,871, surpassing the national median of $2,690. Property taxes in Brookville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Brookville'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 Brookville or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brookville, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.17%
Estimate Property Tax Bill
$2,933
Ownwell’s Brookville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brookville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brookville 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 Brookville, Ohio
Property taxes in Brookville, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brookville is 2.17%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Brookville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brookville 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 Brookville's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 45309 has the highest median property tax rate of 2.17%, while the same zip code also has the lowest median tax rate of 2.17%. Understanding how these cities compare with Brookville provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brookville Tax Rate
2.17%
Average Montgomery County Tax Rate
2.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brookville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45309 | 1.69% | 2.11% | 2.17% | 2.39% | 2.68% |
Source: Ownwell
Property Tax Assessment Values Across Brookville, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Brookville, Ohio. The market value represents 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 Montgomery 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 Brookville 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 Brookville 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 45309, with a median of $2,871, which is significantly above the national median property tax rate of 0.99%.
Average Brookville Assessed Value
$135,170
Average Montgomery County Assessed Value
$98,910
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brookville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45309 | $73,761 | $99,070 | $135,170 | $187,855 | $246,961 |
Source: Ownwell
Property Tax Bills Across Brookville, Ohio
In Brookville, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value typically represents a percentage of the property's market value. The tax rate is then applied to the assessed value to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Brookville, the median home price is approximately $135,170. Property tax bills in the area vary significantly, with the 25th percentile at $2,037 and the 75th percentile reaching $4,242. The 90th percentile tax bill can go as high as $5,684. Comparatively, the national median property tax rate stands at 0.99%. Understanding these factors is crucial for homeowners as property taxes can significantly impact their annual expenses. High property taxes can affect affordability and long-term financial planning, making it essential for homeowners to stay informed and explore potential exemptions or appeals.
Average Brookville Tax Bill
$2,871
Average Montgomery County Tax Bill
$2,435
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Brookville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45309 | $1,420 | $2,037 | $2,871 | $4,242 | $5,684 |
Source: Ownwell