Mount Victory, Ohio Property Taxes
The median property tax rate in Mount Victory, OH is 1.32%, which is considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $259,060 in Mount Victory, the typical annual property tax bill amounts to $3,096, outpacing the national median of $2,690. Property taxes in Mount Victory are determined based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Mount Victory'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 Mount Victory 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
Mount Victory, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$3,420
Ownwell’s Mount Victory Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Victory with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Victory 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 Mount Victory, Ohio
Property taxes in Mount Victory, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Victory is 1.32%, which is higher than the U.S. national median of 0.99%. Local government entities within Mount Victory set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Victory 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 Mount Victory's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 43340 has the highest median property tax rate of 1.32%, while the same zip code also has the lowest median tax rate of 1.32%. Understanding how these cities compare with Mount Victory provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Victory Tax Rate
1.32%
Average Union County Tax Rate
1.44%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Victory, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43340 | 0.78% | 1.07% | 1.32% | 1.33% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Mount Victory, Ohio
In Mount Victory, 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 Union 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 Mount Victory, 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 Mount Victory helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 43340, with a median tax bill of $3,096, which is significantly higher than the national median property tax rate of 0.99%.
Average Mount Victory Assessed Value
$259,060
Average Union County Assessed Value
$249,955
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Victory, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43340 | $119,630 | $147,852 | $259,060 | $389,510 | $742,380 |
Source: Ownwell
Property Tax Bills Across Mount Victory, Ohio
In Mount Victory, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value generally reflects a percentage of the property's market value. Homeowners in Union County can expect their tax bill to vary significantly, influenced by factors such as property size, location, and any applicable exemptions. For instance, the median home price in Mount Victory is $259,060. Property tax bills in this area range widely, with the 25th percentile at $1,725 and the 75th percentile at $4,210. Those at the 90th percentile can see tax bills as high as $5,896. This variation highlights how different factors, including neighborhood and property characteristics, impact the final tax amount. Compared to the national median property tax rate of 0.99%, Mount Victory homeowners experience a diverse range of tax bills, which can significantly affect their annual financial planning and overall cost of homeownership.
Average Mount Victory Tax Bill
$3,096
Average Union County Tax Bill
$3,900
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Victory, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43340 | $1,356 | $1,725 | $3,096 | $4,210 | $5,896 |
Source: Ownwell