Beloit, Ohio Property Taxes
The median property tax rate in Beloit, OH, is 1.51%, considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Beloit at $91,310, the typical annual property tax bill reaches $1,405, which is below the national median of $2,690. Property taxes in Beloit 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 Beloit'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 Beloit or another part of Mahoning County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Beloit, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$1,379
Ownwell’s Beloit Property Tax Bill Calculator is a valuable tool for any homeowner, real estate investor, or potential buyer looking to estimate their annual property taxes in Beloit. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Beloit to provide an accurate estimate of your property tax bill. This tool is essential for understanding potential tax liabilities and planning your finances accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property's assessed value, determined by the county, is crucial for these calculations and takes into account any applicable exemptions.
Property Tax Rates Across Beloit, Ohio
Property taxes in Beloit, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beloit is 1.51%, significantly higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Beloit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beloit 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 Beloit's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44609 zip code has the highest median property tax rate of 1.51%, while the same zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Beloit provides valuable insights into the varying tax landscape across Mahoning County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beloit Tax Rate
1.51%
Average Mahoning County Tax Rate
1.98%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beloit, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44609 | 1.14% | 1.38% | 1.51% | 1.64% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Beloit, Ohio
In Beloit, 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 Mahoning 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 Beloit, 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. For example, the median home price in Beloit is $91,310, with tax bills ranging from $914 at the 25th percentile to $2,953 at the 90th percentile. The zip code 44609 has the highest and lowest median tax bill at $1,405. 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 Beloit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Beloit Assessed Value
$91,310
Average Mahoning County Assessed Value
$80,890
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beloit, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44609 | $34,148 | $63,735 | $91,310 | $136,200 | $207,590 |
Source: Ownwell
Property Tax Bills Across Beloit, Ohio
In Beloit, located in Mahoning County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Beloit, the median home price is $91,310, with property tax bills ranging significantly. At the 25th percentile, homeowners can expect to pay around $914 annually, while those at the 75th percentile might see bills as high as $1,987. The top 10% of homeowners face even higher taxes, with bills reaching up to $2,953. These property tax bills are influenced by various factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Beloit’s rates reflect the local economic conditions and funding needs for public services. For homeowners, understanding these factors is crucial, as property taxes represent a significant annual expense that can impact overall financial planning and home affordability.
Average Beloit Tax Bill
$1,405
Average Mahoning County Tax Bill
$1,534
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Beloit, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44609 | $443 | $914 | $1,405 | $1,987 | $2,953 |
Source: Ownwell