New Bloomington, Ohio Property Taxes
The median property tax rate in New Bloomington, 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 New Bloomington at $118,040, the typical annual property tax bill reaches $1,701, which is below the national median of $2,690. Property taxes in New Bloomington 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 New Bloomington'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 New Bloomington 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
New Bloomington, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$1,782
Ownwell’s New Bloomington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Bloomington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Bloomington 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 New Bloomington, Ohio
Property taxes in New Bloomington, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Bloomington is 1.51%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within New Bloomington set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Bloomington 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 New Bloomington's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 43341 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 New Bloomington provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Bloomington Tax Rate
1.51%
Average Marion County Tax Rate
1.35%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Bloomington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43341 | 1.14% | 1.30% | 1.51% | 1.57% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across New Bloomington, Ohio
In New Bloomington, 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 Marion 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 New Bloomington, 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. The median home price in New Bloomington is $118,040. Understanding the distinction between these valuation concepts allows property owners to better navigate their tax responsibilities. For example, the median tax bill ranges from $964 at the 25th percentile to $3,386 at the 90th percentile. The zip code 43341 has the highest median tax bill at $1,701. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Bloomington Assessed Value
$118,040
Average Marion County Assessed Value
$101,515
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Bloomington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43341 | $12,213 | $59,550 | $118,040 | $172,388 | $239,901 |
Source: Ownwell
Property Tax Bills Across New Bloomington, Ohio
In New Bloomington, Marion County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by local tax authorities. The assessed value is a percentage of the property's market value. Homeowners in New Bloomington typically see a range of tax bills, with the 25th percentile paying around $964 annually and the 75th percentile facing bills of up to $2,436. The highest median tax bill in the area is $1,701, which is significantly influenced by the local tax rate and property values. Factors such as property size, location, and improvements can affect the assessed value, thereby influencing the tax bill. Compared to the national median property tax rate of 0.99%, New Bloomington's property taxes reflect the region's specific economic conditions and municipal funding needs. For homeowners, understanding these factors is crucial, as property taxes can significantly impact annual expenses and long-term financial planning.
Average New Bloomington Tax Bill
$1,701
Average Marion County Tax Bill
$1,434
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across New Bloomington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43341 | $211 | $964 | $1,701 | $2,436 | $3,386 |
Source: Ownwell