Mendon, Ohio Property Taxes
The median property tax rate in Mendon, OH is 1.45%, which is notably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Mendon at $117,030, the typical annual property tax bill amounts to $1,698, falling below the national median of $2,690. Property taxes in Mendon are calculated based on the tax assessed value, which can be lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Mendon'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 Mendon 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
Mendon, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$1,697
Ownwell’s Mendon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mendon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mendon 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 Mendon, Ohio
Property taxes in Mendon, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mendon stands at 1.45%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Mendon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mendon 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 Mendon's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 45862 has both the highest and lowest median property tax rate of 1.45%. Understanding how these cities compare with Mendon 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 Mendon Tax Rate
1.45%
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 Mendon, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45862 | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Mendon, Ohio
In Mendon, 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 Mendon, 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 Mendon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 45862 at $1698, which is also the lowest.
Average Mendon Assessed Value
$117,030
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 Mendon, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45862 | $117,030 | $117,030 | $117,030 | $117,030 | $117,030 |
Source: Ownwell
Property Tax Bills Across Mendon, Ohio
Property tax bills in Mendon, located in Van Wert County, OH, are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and is typically a percentage of the property's market value. In Mendon, homeowners face a consistent median property tax bill of $1,698, regardless of the percentile, which aligns with the highest and lowest median tax bills in the area. This figure is significantly higher than the national median property tax rate of 0.99%, indicating a relatively high property tax burden for Mendon residents. Several factors influence the tax bill, including property size, location, and any improvements made to the property. These elements contribute to the overall assessed value, which is then multiplied by the local tax rate to determine the final tax bill. For homeowners, this means that maintaining or increasing property value can lead to higher taxes. Understanding these factors can help homeowners anticipate their property tax obligations and manage their finances accordingly.
Average Mendon Tax Bill
$1,698
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 Mendon, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45862 | $1,698 | $1,698 | $1,698 | $1,698 | $1,698 |
Source: Ownwell