Palatine, Ohio Property Taxes
The median property tax rate in Palatine, Ohio is 2.70%, significantly higher than both the national median of 0.99% and Ohio's state median of 1.80%. With the median home value in Palatine, the typical annual property tax bill reaches $5,055, far exceeding the national median of $2,690. Property taxes in Palatine are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Palatine'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 Palatine 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
Palatine, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.7%
Estimate Property Tax Bill
$4,960
Ownwell’s Palatine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palatine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palatine 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 Palatine, Ohio
Property taxes in Palatine, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palatine is 1.42%, significantly higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Palatine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palatine 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 Palatine's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45202 zip code has the highest median property tax rate of 1.47%, while the 45231 zip code has the lowest median tax rate of 1.38%. Understanding how these cities compare with Palatine 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 Palatine Tax Rate
2.70%
Average Montgomery County Tax Rate
2.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palatine, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60055 | 2.78% | 2.78% | 2.78% | 2.78% | 2.78% |
| 60094 | 2.61% | 2.61% | 2.61% | 2.61% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Palatine, Ohio
In Palatine, 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 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. In Palatine, 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. The highest median tax bill in Palatine is $8,394 in the 60055 zip code, while the lowest is $1,715 in the 60094 zip code. Being aware of these valuation processes in Palatine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Palatine Assessed Value
$183,710
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 Palatine, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60055 | $301,710 | $301,710 | $301,710 | $301,710 | $301,710 |
| 60094 | $65,710 | $65,710 | $65,710 | $65,710 | $65,710 |
Source: Ownwell
Property Tax Bills Across Palatine, Ohio
In Palatine, Montgomery County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate. Montgomery County's property tax rate is higher than the national median rate of 0.99%, reflecting the local government's funding needs for schools, infrastructure, and public services. Homeowners in Palatine can expect their tax bills to vary significantly. The 25th percentile tax bill stands at $3,385, while the 75th percentile reaches $6,724. For those at the 90th percentile, the tax bill can be as high as $7,726. These figures illustrate the wide range of property taxes within the area, influenced by factors such as home value, location, and applicable exemptions. High property tax bills can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and influencing decisions related to buying or selling property.
Average Palatine Tax Bill
$5,055
Average Montgomery County Tax Bill
$2,435
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Palatine, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60055 | $8,394 | $8,394 | $8,394 | $8,394 | $8,394 |
| 60094 | $1,715 | $1,715 | $1,715 | $1,715 | $1,715 |
Source: Ownwell