Mineral Ridge, Ohio Property Taxes
The median property tax rate in Mineral Ridge, OH is 1.98%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Mineral Ridge at $140,270, the typical annual property tax bill reaches $2,659, slightly below the national median of $2,690. Property taxes in Mineral Ridge 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 Mineral Ridge'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 Mineral Ridge 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
Mineral Ridge, 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 Mineral Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mineral Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mineral Ridge 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 Mineral Ridge, Ohio
Property taxes in Mineral Ridge, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mineral Ridge is 1.98%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Mineral Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mineral Ridge 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 Mineral Ridge's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44440 zip code has the highest median property tax rate of 1.98%, while the 44440 zip code has the lowest median tax rate of 1.98%. Understanding how these cities compare with Mineral Ridge 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 Mineral Ridge Tax Rate
1.98%
Average Mahoning County Tax Rate
1.98%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mineral Ridge, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44440 | 1.64% | 1.97% | 1.98% | 2.02% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Mineral Ridge, Ohio
In Mineral Ridge, 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 Mineral Ridge, 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, in the 44440 zip code, the median tax bill is $2,659. 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 Mineral Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mineral Ridge Assessed Value
$140,270
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 Mineral Ridge, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44440 | $73,284 | $111,840 | $140,270 | $159,970 | $172,870 |
Source: Ownwell
Property Tax Bills Across Mineral Ridge, Ohio
In Mineral Ridge, Mahoning 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 example, with a median home price of $140,270, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $2,161, while at the 75th percentile, it rises to approximately $3,131. The 90th percentile sees tax bills reaching up to $3,380. Several factors influence these amounts, including the home's market value, the local tax rate, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Mineral Ridge's tax rates may be higher, reflecting the specific needs and budget requirements of the local government. This can significantly impact homeowners, affecting their overall cost of living and financial planning. Understanding these factors helps homeowners anticipate their annual expenses and manage their budgets more effectively.
Average Mineral Ridge Tax Bill
$2,659
Average Mahoning County Tax Bill
$1,534
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Mineral Ridge, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44440 | $1,408 | $2,161 | $2,659 | $3,131 | $3,380 |
Source: Ownwell