Milan, Ohio Property Taxes
The median property tax rate in Milan, Ohio is 1.50%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Milan, the typical annual property tax bill reaches $2,362, slightly below the national median of $2,690. Property taxes in Milan are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milan'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 Milan 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
Milan, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$2,399
Ownwell’s Milan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milan 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 Milan, Ohio
Property taxes in Milan, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milan is 1.50%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Milan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milan 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 Milan's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44846 zip code has both the highest and lowest median property tax rate of 1.50%. Understanding how these areas compare with Milan provides valuable insights into the varying tax landscape across Erie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milan Tax Rate
1.50%
Average Erie County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milan, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44846 | 1.21% | 1.47% | 1.50% | 1.63% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Milan, Ohio
In Milan, 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 Erie 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 Milan, 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 Milan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $2,362 in zip code 44846, which underscores the importance of being proactive in managing property taxes.
Average Milan Assessed Value
$159,935
Average Erie County Assessed Value
$126,310
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milan, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44846 | $58,800 | $109,205 | $159,935 | $235,582 | $331,402 |
Source: Ownwell
Property Tax Bills Across Milan, Ohio
In Milan, Ohio, property tax bills are calculated based on the assessed value of a home, which is determined by the Erie County Auditor. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $159,935, homeowners can expect varying tax bills depending on their property's assessed value and specific local rates. Several factors influence the tax bill, including the property's location within Erie County, applicable exemptions, and any improvements or changes to the property. The tax bill for homes in the 25th percentile is around $1,548, while those in the 75th percentile can reach up to $3,456. Homeowners in the 90th percentile might see tax bills as high as $4,664. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making them a crucial aspect of homeownership in Milan, Ohio.
Average Milan Tax Bill
$2,362
Average Erie County Tax Bill
$2,003
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Milan, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44846 | $911 | $1,548 | $2,362 | $3,456 | $4,664 |
Source: Ownwell