Riverside, Ohio Property Taxes
The median property tax rate in Riverside, Ohio is 2.54%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Riverside at $64,915, the typical annual property tax bill reaches $1,861, exceeding the national median of $2,690. Property taxes in Riverside 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 Riverside'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 Riverside 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
Riverside, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.54%
Estimate Property Tax Bill
$1,649
Ownwell’s Riverside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riverside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverside 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 Riverside, Ohio
Property taxes in Riverside, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverside is 2.54%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Riverside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverside 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 Riverside's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 45431 has both the highest and lowest median property tax rate of 2.51%. Understanding how these areas compare with Riverside provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Riverside Tax Rate
2.54%
Average Montgomery County Tax Rate
2.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverside, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45404 | N/A | N/A | N/A | N/A | N/A |
| 45431 | 2.29% | 2.45% | 2.51% | 2.58% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across Riverside, Ohio
In Riverside, 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 Montgomery 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 Riverside, 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 Riverside is $64,915, with tax bills ranging from $1,249 at the 25th percentile to $3,802 at the 90th percentile. The highest and lowest median tax bills both occur in the 45431 zip code, at $1,740. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Riverside Assessed Value
$64,915
Average Montgomery County Assessed Value
$98,910
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Riverside, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45404 | N/A | N/A | N/A | N/A | N/A |
| 45431 | $14,450 | $43,020 | $68,400 | $78,030 | $102,254 |
Source: Ownwell
Property Tax Bills Across Riverside, Ohio
In Riverside, property tax bills are calculated based on the assessed value of a home, which is determined by the county's property assessor. The assessed value is a percentage of the home's market value. Once the assessed value is established, the local property tax rate is applied to this value to determine the annual tax bill. Factors such as home improvements, neighborhood developments, and market trends can influence the assessed value, thereby impacting the tax bill. For Riverside homeowners, property tax bills can vary significantly. The 25th percentile tax bill is around $1,249, while the 75th percentile reaches $2,338. At the higher end, the 90th percentile tax bill is approximately $3,802. These variations highlight how individual property assessments can lead to different tax obligations. With the national median property tax rate at 0.99%, understanding local rates and assessments is crucial for homeowners to manage their financial planning effectively.
Average Riverside Tax Bill
$1,861
Average Montgomery County Tax Bill
$2,435
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverside, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45404 | N/A | N/A | N/A | N/A | N/A |
| 45431 | $407 | $1,103 | $1,740 | $2,010 | $2,510 |
Source: Ownwell