Franklin Furnace, Ohio Property Taxes
The median property tax rate in Franklin Furnace, OH is 1.68%, which is notably higher than the national median of 0.99% but slightly lower than the Ohio state median of 1.80%. With a median home value of $81,310 in Franklin Furnace, the typical annual property tax bill amounts to $1,241, falling below the national median of $2,690. Property taxes in Franklin Furnace are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Franklin Furnace's property tax system and exploring available exemptions can lead to substantial annual savings. Whether you're residing in the heart of Franklin Furnace or elsewhere in Scioto County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franklin Furnace, 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 Franklin Furnace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franklin Furnace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklin Furnace 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 Franklin Furnace, Ohio
Property taxes in Franklin Furnace, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin Furnace is 1.68%, significantly higher than the U.S. national median of 0.99%. Local government entities within Franklin Furnace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franklin Furnace 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 Franklin Furnace's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 45629 has the highest median property tax rate of 1.68%, while the same zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Franklin Furnace provides valuable insights into the varying tax landscape across Scioto County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Furnace Tax Rate
1.68%
Average Scioto County Tax Rate
1.59%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin Furnace, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45629 | 1.08% | 1.49% | 1.68% | 1.71% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Franklin Furnace, Ohio
In Franklin Furnace, 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 Scioto 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 Franklin Furnace, 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 Franklin Furnace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 45629 has the highest median tax bill at $1,241, which is also the lowest median tax bill in the area.
Average Franklin Furnace Assessed Value
$81,310
Average Scioto County Assessed Value
$71,410
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin Furnace, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45629 | $10,942 | $32,760 | $81,310 | $132,350 | $194,966 |
Source: Ownwell
Property Tax Bills Across Franklin Furnace, Ohio
In Franklin Furnace, 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 Franklin Furnace is $81,310. Homeowners in this area can expect a range of property tax bills, with the 25th percentile at $448, the 75th percentile at $2,061, and the 90th percentile reaching up to $3,101. These figures highlight the variability in property tax bills, influenced by factors such as property size, location, and any applicable exemptions. The local tax rate is applied to the assessed value to determine the final tax bill. For comparison, the national median property tax rate is 0.99%. Homeowners in Franklin Furnace should be aware that their property taxes contribute to essential public services such as schools, infrastructure, and emergency services. Understanding how property tax bills are calculated can help homeowners budget more effectively and explore potential tax relief options.
Average Franklin Furnace Tax Bill
$1,241
Average Scioto County Tax Bill
$1,073
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin Furnace, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45629 | $163 | $448 | $1,241 | $2,061 | $3,101 |
Source: Ownwell