Hannibal, Ohio Property Taxes
The median property tax rate in Hannibal, OH is 0.99%, aligning with the national median but notably lower than the Ohio state median of 1.80%. With a median home value of $54,370 in Hannibal, the typical annual property tax bill is $483, significantly below the national median of $2,690. Property taxes in Hannibal are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Navigating Hannibal's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in meaningful annual savings. Whether residing in the heart of Hannibal or another part of the city, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Hannibal, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$538
Ownwell’s Hannibal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hannibal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hannibal 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 Hannibal, Ohio
Property taxes in Hannibal, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hannibal is 0.99%, aligning with both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Hannibal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hannibal 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 Hannibal's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 43931 has both the highest and lowest median property tax rate of 0.99%. Understanding how these areas compare with Hannibal provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hannibal Tax Rate
0.99%
Average Monroe County Tax Rate
1.01%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hannibal, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43931 | 0.71% | 0.97% | 0.99% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Hannibal, Ohio
In Hannibal, 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 Monroe County Auditor 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 Hannibal, 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. For instance, the median home price in Hannibal is $54,370, with annual property tax bills ranging from $112 at the 25th percentile to $1,310 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hannibal Assessed Value
$54,370
Average Monroe County Assessed Value
$70,885
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hannibal, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43931 | $3,904 | $11,800 | $54,370 | $102,860 | $140,176 |
Source: Ownwell
Property Tax Bills Across Hannibal, Ohio
In Hannibal, located in Monroe County, OH, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and typically reflects a percentage of the property's market value. Homeowners in Hannibal may see varying tax bills, influenced by factors such as property size, location, and improvements made to the property. For instance, the median home price in Hannibal is $54,370. Property tax bills can range widely, with the 25th percentile at $112 and the 75th percentile at $969, indicating significant variability based on property characteristics and assessed values. The 90th percentile tax bill reaches up to $1,310, highlighting the potential for higher tax burdens on more valuable properties. Compared to the national median property tax rate of 0.99%, Hannibal's property tax landscape demonstrates how local factors and assessed values play a critical role in determining the financial responsibilities of homeowners. This variability can significantly impact homeowners' budgets and long-term financial planning.
Average Hannibal Tax Bill
$483
Average Monroe County Tax Bill
$677
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Hannibal, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43931 | $35 | $112 | $483 | $969 | $1,310 |
Source: Ownwell