Fort Recovery, Ohio Property Taxes
The median property tax rate in Fort Recovery, OH is 1.18%, slightly higher than the national median of 0.99% but significantly lower than the Ohio state median of 1.80%. With a median home value of $155,800 in Fort Recovery, the typical annual property tax bill is approximately $1,959, which is below the national median of $2,690. Property taxes in Fort Recovery are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Fort Recovery'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 Fort Recovery or another part of Mercer County, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Fort Recovery, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,838
Ownwell’s FORT RECOVERY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FORT RECOVERY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FORT RECOVERY 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 Fort Recovery, Ohio
Property taxes in Fort Recovery, Ohio, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Recovery is 1.18%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Fort Recovery set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Recovery 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 Fort Recovery's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45846 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Fort Recovery provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fort Recovery Tax Rate
1.18%
Average Mercer County Tax Rate
1.53%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Recovery, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45846 | 1.07% | 1.10% | 1.18% | 1.33% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Fort Recovery, Ohio
In Fort Recovery, 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 Mercer 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. For instance, the median home price in Fort Recovery is $155,800, with tax bills ranging widely. The 25th percentile tax bill is $1,279, while the 75th percentile tax bill is $2,863, and the 90th percentile tax bill reaches $3,819. Interestingly, the highest and lowest median tax bills in the area are both $1,959, found in zip code 45846. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fort Recovery Assessed Value
$155,800
Average Mercer County Assessed Value
$129,600
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fort Recovery, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45846 | $15,100 | $94,800 | $155,800 | $241,100 | $320,960 |
Source: Ownwell
Property Tax Bills Across Fort Recovery, Ohio
In Fort Recovery, Mercer County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the market value of the property. Homeowners in Fort Recovery can expect their tax bills to be influenced by the median home price, which is $155,800. The property tax rate in this area affects how much homeowners pay annually. The tax bill varies significantly depending on the property's assessed value and the specific tax rates applied. For instance, the 25th percentile tax bill is $1,279, while the 75th percentile tax bill reaches $2,863. At the 90th percentile, homeowners may see tax bills as high as $3,819. These figures indicate that property taxes in Fort Recovery can vary widely, impacting homeowners differently based on their property's assessed value. Comparatively, the national median property tax rate is 0.99%, offering a benchmark to understand how local rates might affect financial planning for property owners in the region.
Average Fort Recovery Tax Bill
$1,959
Average Mercer County Tax Bill
$1,932
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Recovery, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45846 | $455 | $1,279 | $1,959 | $2,863 | $3,819 |
Source: Ownwell