Portsmouth, Ohio Property Taxes
The median property tax rate in Portsmouth, OH is 1.71%, which is significantly higher than the national median of 0.99% but slightly below Ohio's state median of 1.80%. With a median home value of $61,060 in Portsmouth, the typical annual property tax bill amounts to $967, falling below the national median of $2,690. Property taxes in Portsmouth are based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Portsmouth's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Portsmouth or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Portsmouth, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$1,044
Ownwell’s Portsmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portsmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portsmouth 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 Portsmouth, Ohio
Property taxes in Portsmouth, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portsmouth is 1.71%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Portsmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portsmouth 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 Portsmouth's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45662 zip code has both the highest and lowest median property tax rate of 1.71%. Understanding how these figures compare with Portsmouth 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 Portsmouth Tax Rate
1.71%
Average Scioto County Tax Rate
1.59%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Portsmouth, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45662 | 1.07% | 1.51% | 1.71% | 1.75% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Portsmouth, Ohio
In Portsmouth, 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 Portsmouth, 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 Portsmouth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Portsmouth, the highest median tax bill is $967 in the 45662 zip code, while the lowest median tax bill is also $967 in the same zip code.
Average Portsmouth Assessed Value
$61,060
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 Portsmouth, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45662 | $21,869 | $38,460 | $61,060 | $93,972 | $146,711 |
Source: Ownwell
Property Tax Bills Across Portsmouth, Ohio
In Portsmouth, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $61,060 in the area, the assessed value serves as the foundation for determining the tax bill. Various factors contribute to the final tax bill, including local tax rates and any applicable exemptions or deductions. Homeowners in Portsmouth experience a range of tax bills depending on their property's value. The 25th percentile tax bill stands at $579, while those in the 75th percentile pay around $1,513. At the higher end, the 90th percentile tax bill reaches $2,383. The highest median tax bill in the area is $967, which is significantly lower than the national median property tax rate of 0.99%. These property taxes impact homeowners by influencing their monthly mortgage payments and overall housing affordability. Understanding how these taxes are calculated helps homeowners better manage their finances and anticipate yearly expenses.
Average Portsmouth Tax Bill
$967
Average Scioto County Tax Bill
$1,073
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Portsmouth, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45662 | $295 | $579 | $967 | $1,513 | $2,383 |
Source: Ownwell