Somerset, Ohio Property Taxes
The median property tax rate in Somerset, OH is 1.62%, 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 Somerset at $115,530, the typical annual property tax bill reaches $1,891, which is below the national median of $2,690. Property taxes in Somerset 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 Somerset'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 Somerset or another part of Perry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Somerset, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.62%
Estimate Property Tax Bill
$1,872
Ownwell’s Somerset Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerset with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerset 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 Somerset, Ohio
Property taxes in Somerset, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerset is 1.62%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Somerset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerset 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 Somerset's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43783 zip code has the highest median property tax rate of 1.62%, while the same zip code also has the lowest median tax rate of 1.62%. Understanding how these cities compare with Somerset provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Somerset Tax Rate
1.62%
Average Perry County Tax Rate
1.48%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerset, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43783 | 1.33% | 1.56% | 1.62% | 1.97% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Somerset, Ohio
In Somerset, 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 Perry 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 Somerset, 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 Somerset helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Somerset are both $1,891, found in the 43783 zip code.
Average Somerset Assessed Value
$115,530
Average Perry County Assessed Value
$71,105
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Somerset, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43783 | $12,430 | $57,492 | $115,530 | $173,410 | $238,325 |
Source: Ownwell
Property Tax Bills Across Somerset, Ohio
In Somerset, located in Perry County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Somerset experience varying tax bills depending on their property's value and specific tax rate applied. For example, the median home price in Somerset is $115,530. With the national median property tax rate being 0.99%, Somerset’s rates can result in a range of tax bills. At the 25th percentile, homeowners might pay around $920 annually, while those at the 75th percentile could see bills as high as $2,802. The 90th percentile reaches up to $3,845. These tax bills directly impact homeowners by influencing their annual budgeting and long-term financial planning. Higher property taxes can affect affordability and the overall cost of homeownership, making it essential for homeowners to understand how their tax bills are determined and what factors contribute to the final amount.
Average Somerset Tax Bill
$1,891
Average Perry County Tax Bill
$1,003
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerset, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43783 | $207 | $920 | $1,891 | $2,802 | $3,845 |
Source: Ownwell