Scioto Furnace, Ohio Property Taxes
The median property tax rate in Scioto Furnace, OH is 1.37%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $40,870 in Scioto Furnace, the typical annual property tax bill amounts to $300, significantly below the national median of $2,690. Property taxes in Scioto Furnace are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural land. Familiarizing yourself with Scioto Furnace's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to meaningful annual savings. Whether you're in the heart of Scioto Furnace or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Scioto Furnace, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$560
Ownwell’s Scioto Furnace Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Scioto Furnace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scioto Furnace to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends at the neighborhood level, scroll down for 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 Scioto Furnace, Ohio
Property taxes in Scioto Furnace, Ohio, play a crucial role in financing essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Scioto Furnace stands at 1.37%, which is notably higher than the Ohio state median and the U.S. national median of 0.99%. Local government entities in Scioto Furnace set these rates annually, leading to potential variations across different neighborhoods. Each year, Scioto Furnace estimates its required budget to maintain services for the upcoming fiscal year. This budget is then divided 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 Scioto Furnace's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45677 zip code has the highest median property tax rate of 1.37%, which is the same as the lowest median tax rate in the same zip code. Understanding how these cities compare with Scioto Furnace provides valuable insights into the varying tax landscape across Scioto County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scioto Furnace Tax Rate
1.37%
Average Scioto County Tax Rate
1.59%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scioto Furnace, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45677 | 0.50% | 0.81% | 1.37% | 1.40% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Scioto Furnace, Ohio
In Scioto Furnace, 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 Scioto 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 Scioto Furnace, 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 Scioto Furnace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Scioto Furnace is $40,870, with the median tax bill ranging from $196 at the 25th percentile to $1,171 at the 90th percentile.
Average Scioto Furnace Assessed Value
$40,870
Average Scioto County Assessed Value
$71,410
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scioto Furnace, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45677 | $15,212 | $29,790 | $40,870 | $51,605 | $98,380 |
Source: Ownwell
Property Tax Bills Across Scioto Furnace, Ohio
In Scioto Furnace, OH, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, the median home price in Scioto Furnace is $40,870. Homeowners in this area can expect tax bills ranging from $196 at the 25th percentile to $1,171 at the 90th percentile. The median tax bill stands at $300, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's location within the county, any applicable exemptions, and local levies for services such as schools and infrastructure. These taxes are crucial for funding community services but can also impact homeowners' budgets. Lower property taxes in Scioto Furnace can make homeownership more affordable, but they also reflect the economic conditions and funding needs of the area.
Average Scioto Furnace Tax Bill
$300
Average Scioto County Tax Bill
$1,073
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Scioto Furnace, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45677 | $150 | $196 | $300 | $710 | $1,171 |
Source: Ownwell