Albany, Ohio Property Taxes
The median property tax rate in Albany, Ohio is 1.23%, which is higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With a median home value of $69,480 in Albany, the typical annual property tax bill is $765, significantly below the national median of $2,690. Property taxes in Albany are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Albany'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 Albany or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Albany, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$855
Ownwell’s Albany Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Albany to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Albany, Ohio
Property taxes in Albany, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 1.23%, which is higher than the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other areas in Ohio and the national median. For comparison, the 45710 zip code has the highest median property tax rate of 1.23%, while the lowest median tax rate also stands at 1.23%. Understanding how these areas compare with Albany provides valuable insights into the varying tax landscape across Vinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
1.23%
Average Vinton County Tax Rate
1.27%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45710 | 0.62% | 0.63% | 1.23% | 1.27% | 3.10% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Ohio
In Albany, 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 Vinton 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 Albany, 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. For example, the zip code 45710 has the highest median tax bill at $765. By being aware of these valuation processes in Albany, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Albany Assessed Value
$69,480
Average Vinton County Assessed Value
$50,680
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45710 | $6,580 | $25,080 | $69,480 | $113,260 | $166,970 |
Source: Ownwell
Property Tax Bills Across Albany, Ohio
In Albany, located in Vinton County, OH, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. Various factors influence this assessment, including the home's location, size, and condition. Homeowners in Albany experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $288, while at the 75th percentile, it rises to $1296. Those at the 90th percentile face a tax bill of $2217. The median property tax rate in Albany aligns with the national median rate of 0.99%, making it relatively comparable to other regions across the United States. This variation in tax bills affects homeowners differently, depending on their property's assessed value. Higher-valued homes naturally incur higher property taxes, impacting the overall cost of homeownership. Understanding these factors can help homeowners anticipate their tax obligations and manage their finances more effectively.
Average Albany Tax Bill
$765
Average Vinton County Tax Bill
$541
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45710 | $91 | $288 | $765 | $1,296 | $2,217 |
Source: Ownwell