Van Buren, Ohio Property Taxes
The median property tax rate in Van Buren, OH is 1.11%, slightly higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With the median home value in Van Buren at $229,445, the typical annual property tax bill is $2,538, which is below the national median of $2,690. Property taxes in Van Buren are determined based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Van Buren's property tax system, exploring exemptions, and identifying potential reductions can lead to substantial annual savings. Whether you're in the heart of Van Buren 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
Van Buren, 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 VAN BUREN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in VAN BUREN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in VAN BUREN 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 Van Buren, Ohio
Property taxes in Van Buren, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Van Buren is 1.11%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Van Buren set these rates annually, and they can vary significantly across different neighborhoods. Each year, Van Buren 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 Van Buren's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45889 zip code has the highest median property tax rate of 1.11%, while the 45889 zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Van Buren 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 Van Buren Tax Rate
1.11%
Average Hancock County Tax Rate
1.24%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Van Buren, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45889 | 1.02% | 1.10% | 1.11% | 1.19% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Van Buren, Ohio
In Van Buren, 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 Van Buren, 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 Van Buren helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are the same, both at $2,538, and are found in the zip code 45889.
Average Van Buren Assessed Value
$229,445
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 Van Buren, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45889 | $100,948 | $146,950 | $229,445 | $315,815 | $412,673 |
Source: Ownwell
Property Tax Bills Across Van Buren, Ohio
In Van Buren, Hancock County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $229,445, homeowners can expect varying tax bills depending on where their property falls within the assessed value range. The 25th percentile tax bill is approximately $1,640, while those in the 75th percentile might pay around $3,510. At the 90th percentile, tax bills can reach up to $4,506. Factors influencing these calculations include the property's location, improvements made, and local government budget requirements. Compared to the national median property tax rate of 0.99%, homeowners in Van Buren may find their tax rates either higher or lower, affecting their financial planning and homeownership costs. Understanding these details helps homeowners anticipate their tax liabilities and manage their budgets more effectively.
Average Van Buren Tax Bill
$2,538
Average Hancock County Tax Bill
$1,839
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Van Buren, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45889 | $1,093 | $1,640 | $2,538 | $3,510 | $4,506 |
Source: Ownwell