Colebrook, Ohio Property Taxes
The median property tax rate in Colebrook, Ohio is 1.30%, which is higher than both the national median of 0.99% and Ohio's state median of 1.80%. With a median home value of $51,700 in Colebrook, the typical annual property tax bill amounts to $673, surpassing the national median of $2,690. Property taxes in Colebrook are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Colebrook'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 Colebrook 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
Colebrook, 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 Colebrook Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Colebrook with just two data inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Colebrook to provide an estimate of your property tax bill. This valuable tool helps you gauge potential tax liabilities. For those interested in neighborhood-specific trends, more 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 Colebrook, Ohio
Property taxes in Colebrook, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colebrook is 1.35%, which is higher than the Ohio state median of 1.52% but significantly above the U.S. national median of 0.99%. Local government entities within Colebrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colebrook 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 Colebrook's effective property tax rate to other counties in Ohio and the national median. For comparison, the highest median property tax rate in the county is in zip code 44010 at 1.75%, while the lowest median tax rate is in zip code 44047 at 1.25%. Understanding how these cities compare with Colebrook provides valuable insights into the varying tax landscape across Ashtabula County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colebrook Tax Rate
1.30%
Average Ashtabula County Tax Rate
1.74%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colebrook, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Colebrook, Ohio
In Colebrook, 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 Ashtabula 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 Colebrook, 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 Colebrook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Colebrook is $51,700, with property tax bills ranging from $673 at the 25th percentile to $673 at the 90th percentile, highlighting the uniformity in tax burdens.
Average Colebrook Assessed Value
$51,700
Average Ashtabula County Assessed Value
$74,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colebrook, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Colebrook, Ohio
In Colebrook, located in Ashtabula County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $51,700, the assessed value is determined by local assessment practices unique to Ohio. Property tax rates in Colebrook are influenced by multiple factors, including local government budgets, school funding, and infrastructure needs. The tax bill for homeowners in Colebrook typically falls around $673, regardless of the percentile, illustrating a consistent rate across different property values. This amount is significantly higher than the national median property tax rate of 0.99%, indicating a relatively higher tax burden for Colebrook residents. Homeowners in Colebrook should be aware of these factors as they directly impact their annual property tax obligations. Understanding how these elements interplay can help residents plan their finances better and explore potential exemptions or appeals to manage their tax liabilities effectively.
Average Colebrook Tax Bill
$673
Average Ashtabula County Tax Bill
$1,299
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Colebrook, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell