Hermitage, Ohio Property Taxes
The median property tax rate in Hermitage, OH is 1.84%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Hermitage at $121,250, the typical annual property tax bill reaches $2,240, which is below the national median of $2,690. Property taxes in Hermitage 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 Hermitage'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 Hermitage 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
Hermitage, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.84%
Estimate Property Tax Bill
$2,231
Ownwell’s Hermitage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hermitage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hermitage 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 Hermitage, Ohio
Property taxes in Hermitage, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hermitage is 1.84%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Hermitage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hermitage 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 Hermitage's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 16148 has the highest median property tax rate of 1.84%, while the same zip code also has the lowest median tax rate of 1.84%. Understanding how these cities compare with Hermitage provides valuable insights into the varying tax landscape across Ashtabula County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hermitage Tax Rate
1.84%
Average Ashtabula County Tax Rate
1.74%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hermitage, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16148 | 1.80% | 1.82% | 1.84% | 1.86% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Hermitage, Ohio
In Hermitage, 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 Ashtabula 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 Hermitage, 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 Hermitage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hermitage are both $2,240 in the zip code 16148.
Average Hermitage Assessed Value
$121,250
Average Ashtabula County Assessed Value
$74,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hermitage, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16148 | $93,530 | $103,925 | $121,250 | $138,575 | $148,970 |
Source: Ownwell
Property Tax Bills Across Hermitage, Ohio
In Hermitage, OH, located in Ashtabula County, property tax bills are calculated based on the assessed value of the property and the applicable tax rate. The assessed value is determined by the local tax assessor and reflects a percentage of the property's market value. Various factors such as property size, location, and improvements can influence this assessed value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $121,250, homeowners in Hermitage can expect a tax bill ranging from $1,898 at the 25th percentile to $2,582 at the 75th percentile, with the 90th percentile reaching $2,787. These figures highlight the variability in tax bills, which can significantly impact homeowners' finances. Compared to the national median property tax rate of 0.99%, Hermitage residents face a range of tax liabilities that reflect local economic conditions and property values. Understanding these factors can help homeowners anticipate their annual tax obligations and plan accordingly.
Average Hermitage Tax Bill
$2,240
Average Ashtabula County Tax Bill
$1,299
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Hermitage, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16148 | $1,693 | $1,898 | $2,240 | $2,582 | $2,787 |
Source: Ownwell