Smithville, Ohio Property Taxes
The median property tax rate in Smithville, OH is 1.96%, significantly higher than both the national median of 0.99% and Ohio's state median of 1.80%. With the median home value in Smithville at $139,320, the typical annual property tax bill is $2,662, closely approaching the national median of $2,690. Property taxes in Smithville 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 Smithville'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 Smithville 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
Smithville, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.96%
Estimate Property Tax Bill
$2,731
Ownwell’s Smithville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Smithville with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Smithville to provide an accurate property tax bill estimate. This valuable tool helps you grasp potential tax liabilities, making it easier to plan your finances. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Smithville, Ohio
Property taxes in Smithville, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithville is 1.96%, significantly higher than the U.S. national median of 0.99%. Local government entities within Smithville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithville 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 Smithville's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 44677 has the same median property tax rate of 1.96%. Understanding how these cities compare with Smithville provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithville Tax Rate
1.96%
Average Wayne County Tax Rate
1.80%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44677 | 1.55% | 1.82% | 1.96% | 2.04% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across Smithville, Ohio
In Smithville, 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 Wayne 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 Smithville, 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 Smithville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Smithville is $2,662 in the 44677 zip code, while the lowest median tax bill is also $2,662 in the same zip code.
Average Smithville Assessed Value
$139,320
Average Wayne County Assessed Value
$144,025
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44677 | $59,970 | $101,750 | $139,320 | $193,030 | $291,342 |
Source: Ownwell
Property Tax Bills Across Smithville, Ohio
In Smithville, Wayne County, OH, property tax bills are determined by the assessed value of the property and the local tax rate. The assessed value is a percentage of the market value of the home, and this figure is then multiplied by the tax rate set by local authorities. For context, the median home price in Smithville is $139,320. The tax bill can vary significantly, with the 25th percentile at $1,915 and the 75th percentile at $3,679. The highest median tax bill in the area reaches $4,810. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Smithville experience a varied range of tax obligations. These taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Homeowners should understand these factors to better anticipate their annual property tax responsibilities.
Average Smithville Tax Bill
$2,662
Average Wayne County Tax Bill
$2,548
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44677 | $1,145 | $1,915 | $2,662 | $3,679 | $4,810 |
Source: Ownwell