Summit Station, Ohio Property Taxes
The median property tax rate in Summit Station, OH is 2.89%, considerably higher than both the national median of 0.99% and Ohio's state median of 1.80%. With the median home value in Summit Station at $110,700, the typical annual property tax bill reaches $3,195, exceeding the national median of $2,690. Property taxes in Summit Station are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Summit Station'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 Summit Station 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
Summit Station, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.89%
Estimate Property Tax Bill
$3,199
Ownwell’s Summit Station Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summit Station with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summit Station 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 Summit Station, Ohio
Property taxes in Summit Station, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summit Station is 2.89%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Summit Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summit Station 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 Summit Station's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43073 zip code has the highest median property tax rate of 2.89%, while the same zip code also has the lowest median tax rate of 2.89%. Understanding how these cities compare with Summit Station provides valuable insights into the varying tax landscape across Licking County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summit Station Tax Rate
2.89%
Average Licking County Tax Rate
2.22%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summit Station, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43073 | 2.89% | 2.89% | 2.89% | 2.89% | 2.89% |
Source: Ownwell
Property Tax Assessment Values Across Summit Station, Ohio
In Summit Station, 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 Licking 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. 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 Summit Station helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,195, found in zip code 43073, while the lowest median tax bill is also $3,195 in the same zip code.
Average Summit Station Assessed Value
$110,700
Average Licking County Assessed Value
$163,800
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summit Station, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43073 | $16,800 | $30,400 | $110,700 | $158,200 | $177,800 |
Source: Ownwell
Property Tax Bills Across Summit Station, Ohio
In Summit Station, located in Licking County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in this area experience a range of property tax bills, with the median home price being $110,700. The property tax rate in Summit Station is influenced by various factors, including local government budgets, school funding requirements, and public services. For instance, the 25th percentile of tax bills is $869, indicating that a quarter of homeowners pay this amount or less. On the higher end, the 75th percentile tax bill is $4,566, and the 90th percentile reaches up to $5,131, reflecting the significant variation in property taxes within the region. This variation underscores the impact of property values and local tax rates on individual tax bills. Compared to the national median property tax rate of 0.99%, homeowners in Summit Station may find their property tax rates either more manageable or more burdensome depending on their property's assessed value and specific local tax levies.
Average Summit Station Tax Bill
$3,195
Average Licking County Tax Bill
$3,689
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Summit Station, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43073 | $485 | $869 | $3,195 | $4,566 | $5,131 |
Source: Ownwell