Iberia, Ohio Property Taxes
The median property tax rate in Iberia, OH is 1.59%, 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 Iberia at $41,500, the typical annual property tax bill reaches $698, which is significantly below the national median of $2,690. Property taxes in Iberia 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 Iberia'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 Iberia 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
Iberia, 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 Iberia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iberia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iberia 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 Iberia, Ohio
Property taxes in Iberia, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iberia is 1.59%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Iberia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iberia 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 Iberia's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43325 zip code has the highest median property tax rate of 1.59%, while the lowest median tax rate is also found in the 43325 zip code at 1.59%. Understanding how these cities compare with Iberia provides valuable insights into the varying tax landscape across Morrow County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iberia Tax Rate
1.59%
Average Morrow County Tax Rate
1.58%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iberia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43325 | 1.13% | 1.49% | 1.59% | 1.78% | 2.22% |
Source: Ownwell
Property Tax Assessment Values Across Iberia, Ohio
In Iberia, 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 Morrow 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 Iberia, 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 Iberia is $41,500, with tax bills ranging from $173 at the 25th percentile to $1,704 at the 90th percentile. The highest median tax bill in the area is $698 in zip code 43325, which is also the lowest. 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 Iberia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Iberia Assessed Value
$41,500
Average Morrow County Assessed Value
$98,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iberia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43325 | $3,500 | $10,050 | $41,500 | $69,050 | $112,540 |
Source: Ownwell
Property Tax Bills Across Iberia, Ohio
In Iberia, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Iberia is $41,500, and homeowners can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $173, while the 75th percentile tax bill is $1,092, and the 90th percentile tax bill reaches $1,704. These variations depend on multiple factors, including property size, location, and any applicable exemptions. The tax rate in Iberia is influenced by local budgetary requirements and public service funding needs, making it crucial for homeowners to understand how these elements impact their annual tax obligations. Compared to the national median property tax rate of 0.99%, Iberia's rates can be significantly different, reflecting the unique economic and administrative conditions of the area. This affects homeowners by determining the portion of their budget that must be allocated to property taxes, influencing their overall financial planning and property investment decisions.
Average Iberia Tax Bill
$698
Average Morrow County Tax Bill
$1,602
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Iberia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43325 | $85 | $173 | $698 | $1,092 | $1,704 |
Source: Ownwell