Nankin, Ohio Property Taxes
The median property tax rate in Nankin, OH is 1.30%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Nankin being $88,430, the typical annual property tax bill reaches $1,130, falling below the national median of $2,690. Property taxes in Nankin are calculated based on the assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Nankin'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 Nankin 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
Nankin, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$1,150
Ownwell’s Nankin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nankin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nankin 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 Nankin, Ohio
Property taxes in Nankin, Ohio, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Nankin is 1.23%, higher than both the Ohio state median of 1.52% and the U.S. national median of 0.99%. Local government entities within Nankin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nankin 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 Nankin's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44848 zip code has the highest median property tax rate of 1.23%, while the same zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Nankin provides valuable insights into the varying tax landscape across Ashland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nankin Tax Rate
1.30%
Average Ashland County Tax Rate
1.52%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nankin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44848 | 0.91% | 1.30% | 1.30% | 1.30% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Nankin, Ohio
In Nankin, 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 Ashland 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 Nankin, 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. The median home price in Nankin is $88,430, with tax bills ranging from $592 at the 25th percentile to $1,658 at the 90th percentile. 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 Nankin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Nankin Assessed Value
$88,430
Average Ashland County Assessed Value
$108,690
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nankin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44848 | $13,730 | $65,880 | $88,430 | $104,580 | $127,531 |
Source: Ownwell
Property Tax Bills Across Nankin, Ohio
In Nankin, located in Ashland County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Nankin is $88,430. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the local tax rate and any applicable exemptions or deductions. For homeowners in Nankin, the property tax bill can vary significantly. At the 25th percentile, the annual tax bill is around $592, while at the 75th percentile, it rises to approximately $1,235. For those at the 90th percentile, the tax bill can reach up to $1,658. Comparatively, Nankin's property tax rates are quite competitive when matched against the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Nankin Tax Bill
$1,130
Average Ashland County Tax Bill
$1,522
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Nankin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44848 | $183 | $592 | $1,130 | $1,235 | $1,658 |
Source: Ownwell