Albany, Ohio Property Taxes
The median property tax rate in Albany, OH is 1.55%, which is significantly higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With a median home value of $97,350 in Albany, the typical annual property tax bill amounts to $1,453, which is below the national median of $2,690. Property taxes in Albany are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Albany'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 Albany 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
Albany, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$1,509
$1,400
Ownwell's Albany Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Albany, Ohio. With just two data points, you can enter your property's estimated assessed value, and the calculator will apply the median tax rate in Albany to provide an accurate estimate of your property tax bill. This valuable tool aids in understanding potential tax liabilities, offering peace of mind for budgeting and financial planning. For those interested in more detailed trends at the neighborhood level, simply scroll down for localized information. Your property's assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Albany, Ohio
Property taxes in Albany, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 1.55%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45710 zip code has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Albany provides valuable insights into the varying tax landscape across Athens County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
1.55%
Average Athens County Tax Rate
1.77%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45710 | 1.16% | 1.52% | 1.55% | 1.67% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Ohio
In Albany, 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 Athens 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 Albany, 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 median home price in Albany is $97,350, with tax bills ranging from $805 at the 25th percentile to $3,240 at the 90th percentile. The zip code 45710 has both the highest and lowest median tax bill of $1,453. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Albany Assessed Value
$97,350
Average Athens County Assessed Value
$88,765
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45710 | $21,325 | $57,000 | $97,350 | $149,332 | $212,738 |
Source: Ownwell
Property Tax Bills Across Albany, Ohio
In Albany, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Albany is $97,350. The local tax rate is applied to this assessed value to calculate the annual tax bill. Various factors influence the final amount, including property location, improvements, and any applicable exemptions. Homeowners in Albany can expect their property tax bills to vary significantly. For instance, those at the 25th percentile pay around $805 annually, while those at the 75th percentile face bills of approximately $2,314. At the 90th percentile, tax bills can reach up to $3,240. Comparatively, the highest median tax bill in the area is $1,453, which is significantly higher than the national median property tax rate of 0.99%. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life in the community. Therefore, understanding how these bills are calculated can help homeowners manage their finances more effectively.
Average Albany Tax Bill
$1,453
Average Athens County Tax Bill
$1,453
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45710 | $290 | $805 | $1,453 | $2,314 | $3,240 |
Source: Ownwell