Lower Salem, Ohio Property Taxes
The median property tax rate in Lower Salem, OH is 1.09%, slightly higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $56,235 in Lower Salem, the typical annual property tax bill amounts to $537, which is significantly below the national median of $2,690. Property taxes in Lower Salem are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lower Salem'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 Lower Salem or another part of Washington County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lower Salem, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$613
Ownwell's Lower Salem Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Lower Salem with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lower Salem to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lower Salem, Ohio
Property taxes in Lower Salem, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lower Salem is 1.09%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Lower Salem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lower Salem 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 Lower Salem's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45745 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Lower Salem provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lower Salem Tax Rate
1.09%
Average Washington County Tax Rate
1.22%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lower Salem, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45745 | 0.76% | 1.04% | 1.09% | 1.12% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Lower Salem, Ohio
In Lower Salem, 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 Washington 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 Lower Salem, 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 median home price in Lower Salem is $56,235, and the median tax bill is $537, which is significantly lower than the national median property tax rate of 0.99%. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lower Salem Assessed Value
$56,235
Average Washington County Assessed Value
$106,255
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lower Salem, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45745 | $3,254 | $16,512 | $56,235 | $106,730 | $165,721 |
Source: Ownwell
Property Tax Bills Across Lower Salem, Ohio
Property tax bills in Lower Salem, located in Washington County, OH, are determined by assessing the value of a property and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the tax rate set by local authorities. For instance, the median home price in Lower Salem is $56,235, and the median property tax bill stands at $537. Homeowners in the 25th percentile can expect to pay around $178, while those in the 75th percentile might see bills as high as $1,061. At the 90th percentile, tax bills can reach up to $1,634. These figures show a significant range, reflecting the varying property values and tax rates within the area. Compared to the national median property tax rate of 0.99%, these figures provide a clear picture of how property taxes can impact homeowners differently based on their property's assessed value and the specific rates applied in Lower Salem.
Average Lower Salem Tax Bill
$537
Average Washington County Tax Bill
$1,235
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lower Salem, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45745 | $37 | $178 | $537 | $1,061 | $1,634 |
Source: Ownwell