Thompson, Ohio Property Taxes
The median property tax rate in Thompson, OH is 1.72%, which is considerably higher than the national median of 0.99% but slightly lower than Ohio's state median of 1.80%. With a median home value of $145,350 in Thompson, the typical annual property tax bill reaches $2,452, just under the national median of $2,690. Property taxes in Thompson are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Thompson'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 Thompson 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
Thompson, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.72%
Estimate Property Tax Bill
$2,500
Ownwell’s Thompson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thompson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thompson 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 Thompson, Ohio
Property taxes in Thompson, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thompson is 1.72%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Thompson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thompson 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 Thompson's effective property tax rate to other areas in Ohio and the national median. For comparison, the 44086 zip code has the highest median property tax rate of 1.72%, while the same 44086 zip code also has the lowest median tax rate of 1.72%. Understanding how these areas compare with Thompson 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 Thompson Tax Rate
1.72%
Average Ashtabula County Tax Rate
1.74%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thompson, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44086 | 1.62% | 1.62% | 1.72% | 1.76% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Thompson, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thompson, 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 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 Thompson, 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. The highest median tax bill in the area is $2,452 in the 44086 zip code. By being aware of these valuation processes, property owners in Thompson can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thompson Assessed Value
$145,350
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 Thompson, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44086 | $22,130 | $103,850 | $145,350 | $169,450 | $190,110 |
Source: Ownwell
Property Tax Bills Across Thompson, Ohio
In Thompson, located in Ashtabula County, OH, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Thompson face varying tax bills depending on their property’s value. For instance, the tax bill at the 25th percentile is $1,747, while at the 75th percentile, it rises to $2,944. The 90th percentile sees even higher tax bills, reaching $3,441. The median home price in Thompson is $145,350, and with the national median property tax rate at 0.99%, Thompson's tax rates can significantly impact homeowners. The highest and lowest median tax bills in the city are both $2,452, reflecting a uniformity in the tax structure within the zip code 44086. These taxes fund essential services such as schools, infrastructure, and emergency services, directly affecting the quality of life for Thompson residents.
Average Thompson Tax Bill
$2,452
Average Ashtabula County Tax Bill
$1,299
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Thompson, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44086 | $389 | $1,747 | $2,452 | $2,944 | $3,441 |
Source: Ownwell