Forest, Ohio Property Taxes
The median property tax rate in Forest, OH is 1.18%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $183,340 in Forest, the typical annual property tax bill amounts to $2,120, which is below the national median of $2,690. Property taxes in Forest are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Forest'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 Forest or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Forest, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$2,163
Ownwell’s Forest Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest 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 Forest, Ohio
Property taxes in Forest, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest is 1.18%, which is higher than the U.S. national median of 0.99%. Local government entities within Forest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest 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 Forest's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 45843 has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these figures compare with Forest provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forest Tax Rate
1.18%
Average Hancock County Tax Rate
1.24%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45843 | 0.68% | 1.08% | 1.18% | 1.33% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Forest, Ohio
In Forest, 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 Hancock 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 Forest, 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 Forest helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Forest are both $2,120 in the 45843 zip code.
Average Forest Assessed Value
$183,340
Average Hancock County Assessed Value
$151,760
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forest, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45843 | $42,624 | $126,625 | $183,340 | $297,665 | $507,412 |
Source: Ownwell
Property Tax Bills Across Forest, Ohio
In Forest, located in Hancock County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Forest can expect their tax bills to vary significantly depending on their property's assessed value and the local tax rate. For example, the median home price in Forest is $183,340, leading to a diverse range of tax bills. At the 25th percentile, homeowners might see tax bills around $1,418, while those at the 75th percentile could face bills up to $3,162. Some residents in the 90th percentile encounter tax bills as high as $4,709. The highest median tax bill in the area is $2,120, which is notably higher than the national median property tax rate of 0.99%. These tax bills can significantly impact homeowners' annual budgets, making it essential to understand how property taxes are calculated and what factors influence them.
Average Forest Tax Bill
$2,120
Average Hancock County Tax Bill
$1,839
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45843 | $548 | $1,418 | $2,120 | $3,162 | $4,709 |
Source: Ownwell