Verona, Ohio Property Taxes
The median property tax rate in Verona, OH is 2.04%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Verona at $65,700, the typical annual property tax bill reaches $1,320, exceeding the national median of $2,690. Property taxes in Verona 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 Verona'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 Verona 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
Verona, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.04%
Estimate Property Tax Bill
$1,340
Ownwell’s Verona Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Verona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Verona 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 Verona, Ohio
Property taxes in Verona, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Verona is 1.25%, higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Verona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verona 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 Verona's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45378 zip code in Preble County has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Verona 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 Verona Tax Rate
2.04%
Average Preble County Tax Rate
1.43%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Verona, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45378 | 1.43% | 1.96% | 2.04% | 2.15% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Verona, Ohio
In Verona, 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 Verona, 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 Verona 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 $1,320 in the 45378 zip code, while the lowest median tax bill is also $1,320 in the same zip code.
Average Verona Assessed Value
$65,700
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 Verona, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45378 | $23,310 | $42,975 | $65,700 | $87,175 | $104,790 |
Source: Ownwell
Property Tax Bills Across Verona, Ohio
In Verona, located in Preble County, OH, property tax bills are determined based on the assessed value of a home, which is derived from the market value. The median home price in Verona is $65,700, and the property tax rate is applied to this assessed value to calculate the tax bill. Various factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For homeowners in Verona, the 25th percentile of property tax bills is $934, while the 75th percentile reaches $1,756. At the 90th percentile, tax bills can go as high as $2,139. These figures highlight the range homeowners might expect based on their property’s assessed value and other influencing factors. Comparatively, the national median property tax rate stands at 0.99%, making Verona's property tax landscape unique. Homeowners must consider these tax obligations as part of their overall financial planning, as property taxes significantly impact annual expenses and long-term home affordability.
Average Verona Tax Bill
$1,320
Average Preble County Tax Bill
$1,629
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Verona, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45378 | $572 | $934 | $1,320 | $1,756 | $2,139 |
Source: Ownwell