Milford Center, Ohio Property Taxes
The median property tax rate in Milford Center, OH is 1.41%, which is considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Milford Center at $205,070, the typical annual property tax bill reaches $2,874, surpassing the national median of $2,690. Property taxes in Milford Center 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 Milford Center'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 Milford Center 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
Milford Center, 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 Milford Center Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford Center 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 Milford Center, Ohio
Property taxes in Milford Center, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford Center is 1.41%, which is higher than the U.S. national median of 0.99%. Local government entities within Milford Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford Center 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 Milford Center's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43045 zip code has the highest median property tax rate of 1.41%, while the same 43045 zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Milford Center provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Center Tax Rate
1.41%
Average Union County Tax Rate
1.44%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford Center, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43045 | 1.10% | 1.33% | 1.41% | 1.45% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Milford Center, Ohio
In Milford Center, 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 Union 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 Milford Center 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 Milford Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,874, found in the 43045 zip code.
Average Milford Center Assessed Value
$205,070
Average Union County Assessed Value
$249,955
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford Center, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43045 | $87,920 | $138,710 | $205,070 | $336,385 | $510,002 |
Source: Ownwell
Property Tax Bills Across Milford Center, Ohio
Property tax bills in Milford Center, located in Union County, OH, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. For homeowners in Milford Center, the median home price is $205,070. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, tax bills in Milford Center can vary significantly, with the 25th percentile tax bill at $1,901 and the 75th percentile reaching $4,570. At the 90th percentile, homeowners might see a tax bill as high as $6,574. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding these factors helps in budgeting and financial planning, ensuring they are prepared for their annual property tax obligations.
Average Milford Center Tax Bill
$2,874
Average Union County Tax Bill
$3,900
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford Center, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43045 | $1,234 | $1,901 | $2,874 | $4,570 | $6,574 |
Source: Ownwell