Millbury, Ohio Property Taxes
The median property tax rate in Millbury, Ohio is 1.64%, 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 Millbury at $139,100, the typical annual property tax bill amounts to $2,251, which is below the national median of $2,690. Property taxes in Millbury 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 Millbury'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 Millbury 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
Millbury, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$2,281
Ownwell’s Millbury Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Millbury with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Millbury to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions, ensuring you get a precise estimate.
Property Tax Rates Across Millbury, Ohio
Property taxes in Millbury, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millbury is 1.35%, higher than both the Ohio state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Millbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millbury estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all assessed 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 Millbury's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43447 zip code has the highest median property tax rate of 1.64%, while the same zip code also has the lowest median tax rate of 1.64%. Understanding how these areas compare with Millbury provides valuable insights into the varying tax landscape across Wood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millbury Tax Rate
1.64%
Average Wood County Tax Rate
1.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millbury, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43447 | 1.42% | 1.60% | 1.64% | 1.77% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Millbury, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Millbury, Ohio. 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 Wood 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 Millbury, 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 Millbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 43447, with a median tax bill of $2,251.
Average Millbury Assessed Value
$139,100
Average Wood County Assessed Value
$163,900
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millbury, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43447 | $8,200 | $17,600 | $139,100 | $199,500 | $242,620 |
Source: Ownwell
Property Tax Bills Across Millbury, Ohio
In Millbury, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county and reflects a percentage of the property's market value. Homeowners in Millbury, which is part of Wood County, face varying tax bills depending on their property's assessed value. For a median home price of $139,100, tax bills can range significantly. At the 25th percentile, homeowners might pay around $300, while those at the 75th percentile could see bills as high as $3,275. The 90th percentile tax bill can reach up to $4,146. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Millbury's tax rates can be seen as either a burden or a benefit, depending on the assessed value of one's property and the corresponding tax bill.
Average Millbury Tax Bill
$2,251
Average Wood County Tax Bill
$2,615
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Millbury, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43447 | $134 | $300 | $2,251 | $3,275 | $4,146 |
Source: Ownwell