Elgin, Ohio Property Taxes
The median property tax rate in Elgin, Ohio is 1.52%, 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 Elgin at $77,130, the typical annual property tax bill reaches $1,046, which is below the national median of $2,690. Property taxes in Elgin are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elgin'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 Elgin or another part of Van Wert County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elgin, 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 Elgin Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Elgin with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Elgin to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Elgin, Ohio
Property taxes in Elgin, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elgin is 1.52%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Elgin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elgin 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 Elgin's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45894 zip code has both the highest and lowest median property tax rate of 1.52%. Understanding how these cities compare with Elgin provides valuable insights into the varying tax landscape across Van Wert County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elgin Tax Rate
1.52%
Average Van Wert County Tax Rate
1.51%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elgin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45894 | 1.11% | 1.35% | 1.52% | 1.60% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Elgin, Ohio
In Elgin, 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 Van Wert 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 Elgin, 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 Elgin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 45894, with a median tax bill of $1,046.
Average Elgin Assessed Value
$77,130
Average Van Wert County Assessed Value
$87,060
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elgin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45894 | $21,427 | $48,490 | $77,130 | $101,380 | $128,296 |
Source: Ownwell
Property Tax Bills Across Elgin, Ohio
Property tax bills in Elgin, located in Van Wert County, Ohio, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the market value of the home, which in Elgin has a median home price of $77,130. Local tax authorities then apply the tax rate to this assessed value to determine the tax bill. Several factors influence the tax bill, including property location, market conditions, and any applicable exemptions. For instance, homeowners in Elgin can expect to pay tax bills ranging from the 25th percentile at $774 to the 75th percentile at $1,240, with the 90th percentile reaching up to $1,860. The median property tax rate in Elgin is often compared to the national median rate of 0.99%, providing context for homeowners looking to understand their obligations. These property taxes fund essential local services like schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding how these taxes are calculated helps homeowners budget effectively and take advantage of potential savings through exemptions.
Average Elgin Tax Bill
$1,046
Average Van Wert County Tax Bill
$1,320
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Elgin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45894 | $415 | $774 | $1,046 | $1,240 | $1,860 |
Source: Ownwell