Somerville, Ohio Property Taxes
The median property tax rate in Somerville, OH is 1.24%, which is 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 Somerville at $131,800, the typical annual property tax bill reaches $1,588, falling below the national median of $2,690. Property taxes in Somerville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Somerville'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 Somerville 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
Somerville, 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 Somerville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Somerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerville to project your property tax bill. This valuable tool helps you comprehend potential tax liabilities. For those interested in more granular insights, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Somerville, Ohio
Property taxes in Somerville, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerville is 1.24%, significantly higher than the U.S. national median of 0.99%. Local government entities within Somerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerville 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 Somerville's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45064 zip code has the highest median property tax rate of 1.24%, while the 45064 zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Somerville provides valuable insights into the varying tax landscape across Preble County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Somerville Tax Rate
1.24%
Average Preble County Tax Rate
1.43%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45064 | 0.88% | 1.07% | 1.24% | 1.29% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Somerville, Ohio
In Somerville, 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 Preble 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 Somerville, 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 Somerville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Somerville is $131,800, with tax bills ranging from $1,123 at the 25th percentile to $2,727 at the 90th percentile. Notably, the zip code 45064 has the highest and lowest median tax bill at $1,588.
Average Somerville Assessed Value
$131,800
Average Preble County Assessed Value
$108,300
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Somerville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45064 | $27,700 | $90,150 | $131,800 | $184,900 | $275,400 |
Source: Ownwell
Property Tax Bills Across Somerville, Ohio
In Somerville, located in Preble County, OH, property tax bills are determined by the assessed value of a home and the applicable tax rate. The assessed value is a percentage of the market value of the property, which is then multiplied by the local tax rate to calculate the annual tax bill. Various factors influence this calculation, including property size, location, and any improvements made to the property. Homeowners in Somerville experience a range of property tax bills. For instance, the 25th percentile tax bill is $1,123, while the 75th percentile reaches $2,111. At the 90th percentile, homeowners could see tax bills as high as $2,727. The median home price in Somerville is $131,800, and with a median property tax bill of $1,588, the rate is relatively competitive compared to the national median property tax rate of 0.99%. These property taxes fund essential local services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Somerville Tax Bill
$1,588
Average Preble County Tax Bill
$1,629
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45064 | $483 | $1,123 | $1,588 | $2,111 | $2,727 |
Source: Ownwell