Spencerville, Ohio Property Taxes
The median property tax rate in Spencerville, OH is 1.25%, which is higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With the median home value in Spencerville at $97,550, the typical annual property tax bill amounts to $1,169, falling below the national median of $2,690. Property taxes in Spencerville are calculated based on the assessed value, which is often lower than the market value due to various exemptions, including those for primary residences and agricultural properties. By understanding Spencerville's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether residing in the heart of Spencerville or its surrounding areas, a thorough grasp of the local property tax landscape can be highly beneficial.
Last Updated June 14, 2024
Spencerville, 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 Spencerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencerville 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 Spencerville, Ohio
Property taxes in Spencerville, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spencerville is 1.25%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Spencerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spencerville 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 Spencerville's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45887 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Spencerville provides valuable insights into the varying tax landscape across Allen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spencerville Tax Rate
1.25%
Average Allen County Tax Rate
1.57%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spencerville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45887 | 1.00% | 1.23% | 1.25% | 1.28% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Spencerville, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Spencerville, 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 Allen 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 Spencerville, 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 Spencerville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 45887, standing at $1169, which is also the lowest median tax bill in the area.
Average Spencerville Assessed Value
$97,550
Average Allen County Assessed Value
$103,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spencerville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45887 | $48,500 | $66,700 | $97,550 | $143,375 | $205,820 |
Source: Ownwell
Property Tax Bills Across Spencerville, Ohio
In Spencerville, Allen County, OH, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $97,550, homeowners can expect varying tax bills depending on their specific assessments and applicable exemptions. Factors influencing the tax bill include the property's market value, assessment ratio, and any local tax levies. In Spencerville, tax bills can range significantly, with the 25th percentile at $795 and the 75th percentile reaching $1,774. The highest median tax bill in the area is $1,169, which is the same across different zip codes. Compared to the national median property tax rate of 0.99%, Spencerville's tax rates can have a substantial impact on homeowners, affecting their annual financial planning and overall cost of living. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances accordingly.
Average Spencerville Tax Bill
$1,169
Average Allen County Tax Bill
$1,550
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencerville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45887 | $535 | $795 | $1,169 | $1,774 | $2,501 |
Source: Ownwell