Gibsonburg, Ohio Property Taxes
The median property tax rate in Gibsonburg, OH is 1.33%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $205,800 in Gibsonburg, the typical annual property tax bill comes to $2,571, slightly below the national median of $2,690. Property taxes in Gibsonburg are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Gibsonburg's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you reside in the bustling center of Gibsonburg or its quieter outskirts, gaining a clear understanding of the local property tax system will provide financial benefits.
Last Updated June 14, 2024
Gibsonburg, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$2,737
Ownwell’s Gibsonburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gibsonburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gibsonburg 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 Gibsonburg, Ohio
Property taxes in Gibsonburg, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gibsonburg is 1.33%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Gibsonburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gibsonburg 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 Gibsonburg's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43431 zip code has the highest median property tax rate of 1.33%, while the 43431 zip code has the lowest median tax rate of 1.33%. Understanding how these cities compare with Gibsonburg provides valuable insights into the varying tax landscape across Wood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gibsonburg Tax Rate
1.33%
Average Wood County Tax Rate
1.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gibsonburg, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43431 | 1.11% | 1.29% | 1.33% | 1.37% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Gibsonburg, Ohio
In Gibsonburg, 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 Wood 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 Gibsonburg, 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 Gibsonburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in the area is 43431, with a median tax bill of $2,571.
Average Gibsonburg Assessed Value
$205,800
Average Wood County Assessed Value
$163,900
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gibsonburg, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43431 | $41,560 | $153,850 | $205,800 | $235,500 | $347,640 |
Source: Ownwell
Property Tax Bills Across Gibsonburg, Ohio
In Gibsonburg, Wood County, OH, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is a percentage of the property's market value. The tax rate, applied to the assessed value, is set by local taxing authorities and can vary annually. For instance, with a median home price of $205,800, homeowners in Gibsonburg can expect their tax bills to fluctuate depending on where their property falls within the value spectrum. The 25th percentile tax bill stands at $1,889, while the 75th percentile reaches $3,078. At the 90th percentile, homeowners could see tax bills as high as $4,540. These tax bills fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, homeowners in Gibsonburg experience a varied tax burden, reflecting the specific needs and budgetary requirements of the local government.
Average Gibsonburg Tax Bill
$2,571
Average Wood County Tax Bill
$2,615
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Gibsonburg, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43431 | $496 | $1,889 | $2,571 | $3,078 | $4,540 |
Source: Ownwell