Milton Center, Ohio Property Taxes
The median property tax rate in Milton Center, OH is 1.59%, which is notably higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With a median home value of $14,750 in Milton Center, the typical annual property tax bill amounts to $236, well below the national median of $2,690. Property taxes in Milton Center are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Milton Center'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 Milton Center 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
Milton Center, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Milton Center Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milton Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milton Center 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 Milton Center, Ohio
Property taxes in Milton Center, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milton Center is 1.59%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Milton Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milton Center 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 Milton Center's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 43541 has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these cities compare with Milton Center 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 Milton Center Tax Rate
1.59%
Average Wood County Tax Rate
1.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milton Center, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43541 | 1.45% | 1.57% | 1.59% | 1.62% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Milton Center, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Milton Center, Ohio. 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 Milton Center, 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 Milton Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 43541 has both the highest and lowest median tax bill at $236.
Average Milton Center Assessed Value
$14,750
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 Milton Center, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43541 | $1,710 | $5,500 | $14,750 | $63,400 | $96,090 |
Source: Ownwell
Property Tax Bills Across Milton Center, Ohio
In Milton Center, Wood County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Milton Center, the median home price is $14,750. Property tax bills can vary significantly, with the 25th percentile paying around $86 and the 75th percentile facing bills up to $1,120. At the 90th percentile, the tax bill can rise to $1,769. The local property tax rate in Milton Center is influenced by several factors, including school district funding needs, municipal services, and county requirements. Compared to the national median property tax rate of 0.99%, the tax liabilities in Milton Center reflect local economic conditions and funding requirements. Homeowners here need to budget for these taxes as they can impact overall housing costs and affordability. Understanding these factors can help residents anticipate their annual property tax obligations.
Average Milton Center Tax Bill
$236
Average Wood County Tax Bill
$2,615
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Milton Center, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43541 | $28 | $86 | $236 | $1,120 | $1,769 |
Source: Ownwell