Millbury, Ohio Property Taxes
The median property tax rate in Millbury, Ohio is 1.75%, which is higher than the national median of 0.99% but slightly lower than Ohio's state median of 1.80%. With the median home value in Millbury at $166,525, the typical annual property tax bill amounts to $2,790, surpassing the national median of $2,690. Property taxes in Millbury are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Millbury'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 Millbury or another part of Ottawa County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millbury, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$2,914
Ownwell’s Millbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millbury 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 Millbury, Ohio
Property taxes in Millbury, Ohio, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Millbury is 1.35%, higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Millbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millbury 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 Millbury's effective property tax rate to other counties in Ohio and the national median. For comparison, ZIP code 43447 has the highest median property tax rate of 1.35%, while ZIP code 43447 also has the lowest median tax rate of 1.35%. Understanding how these areas compare with Millbury provides valuable insights into the varying tax landscape across Ottawa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millbury Tax Rate
1.75%
Average Ottawa County Tax Rate
1.28%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millbury, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43447 | 1.45% | 1.57% | 1.75% | 1.78% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Millbury, Ohio
In Millbury, 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 Ottawa 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 Millbury, 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 Millbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,790 in the 43447 zip code, while the lowest median tax bill is also $2,790 in the same zip code.
Average Millbury Assessed Value
$166,525
Average Ottawa County Assessed Value
$131,980
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millbury, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43447 | $91,255 | $127,818 | $166,525 | $234,942 | $316,065 |
Source: Ownwell
Property Tax Bills Across Millbury, Ohio
In Millbury, Ohio, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is a percentage of the market value of the property. For instance, if the median home price in Millbury is $166,525, the assessed value would be a fraction of this market price. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the home's location within Ottawa County, any applicable exemptions, and the specific tax rate set by local taxing authorities. These factors collectively impact the amount homeowners are required to pay annually. For homeowners in Millbury, the tax bill can vary significantly. The 25th percentile tax bill is around $2,109, while at the 75th percentile, it reaches approximately $3,946. At the 90th percentile, the tax bill can be as high as $5,514. These figures highlight the range of property tax obligations in the area, which can affect household budgets and the overall cost of homeownership.
Average Millbury Tax Bill
$2,790
Average Ottawa County Tax Bill
$1,848
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Millbury, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43447 | $1,572 | $2,109 | $2,790 | $3,946 | $5,514 |
Source: Ownwell