Brookville, Ohio Property Taxes
The median property tax rate in Brookville, OH is 1.64%, which is 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 Brookville at $210,500, the typical annual property tax bill reaches $2,945, surpassing the national median of $2,690. Property taxes in Brookville 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 Brookville'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 Brookville 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
Brookville, 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 Brookville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brookville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brookville 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 Brookville, Ohio
Property taxes in Brookville, Ohio, play a crucial role in funding essential local services including public schools, road maintenance, and emergency services. The median tax rate in Brookville is 1.64%, which is significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Brookville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brookville 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 Brookville's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45309 zip code has the highest median property tax rate of 1.64%, while the same zip code also has the lowest median tax rate of 1.64%. Understanding how these areas compare with Brookville provides valuable insights into the varying tax landscape across Miami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brookville Tax Rate
1.64%
Average Miami County Tax Rate
1.33%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brookville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45309 | 1.45% | 1.52% | 1.64% | 1.65% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Brookville, Ohio
In Brookville, 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 Miami 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 Brookville, 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 Brookville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 45309, with a value of $2,945.
Average Brookville Assessed Value
$210,500
Average Miami County Assessed Value
$159,300
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brookville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45309 | $163,780 | $181,300 | $210,500 | $213,650 | $215,540 |
Source: Ownwell
Property Tax Bills Across Brookville, Ohio
In Brookville, Ohio, property tax bills are determined by assessing the market value of a home and then applying the local tax rate to that value. The median home price in Brookville is $210,500, and the property tax rate in Miami County plays a crucial role in calculating the final tax bill. Homeowners can expect their tax bills to fall within a range, with the 25th percentile at $2,717 and the 75th percentile reaching $3,278. For those at the 90th percentile, tax bills can go up to $3,477. These taxes are essential for funding local services such as schools, public safety, and infrastructure, impacting homeowners directly by influencing the overall cost of owning property in the area. With the national median property tax rate at 0.99%, Brookville's property tax bills reflect a significant financial consideration for residents, particularly when compared to national averages. This makes understanding and managing property taxes an important aspect of homeownership in Brookville.
Average Brookville Tax Bill
$2,945
Average Miami County Tax Bill
$2,118
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Brookville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45309 | $2,580 | $2,717 | $2,945 | $3,278 | $3,477 |
Source: Ownwell