Spencerville, Ohio Property Taxes
The median property tax rate in Spencerville, OH is 1.50%, considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Spencerville, the typical annual property tax bill reaches $1,846, which is below the national median of $2,690. Property taxes in Spencerville 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 Spencerville'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 Spencerville 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
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 1.50%, significantly higher than 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 1.50%, while the 45887 zip code also has the lowest median tax rate of 1.50%. Understanding how these cities compare with Spencerville provides valuable insights into the varying tax landscape across Auglaize County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spencerville Tax Rate
1.50%
Average Auglaize County Tax Rate
1.86%
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 | 1.35% | 1.42% | 1.50% | 1.58% | 1.64% |
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 Auglaize 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. For instance, the highest median tax bill in Spencerville is $1,846 in the 45887 zip code, while the lowest median tax bill is also $1,846 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spencerville Assessed Value
$125,740
Average Auglaize County Assessed Value
$135,635
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 | $12,496 | $70,210 | $125,740 | $202,900 | $285,620 |
Source: Ownwell
Property Tax Bills Across Spencerville, Ohio
In Spencerville, located in Auglaize County, OH, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. For homeowners in Spencerville, the median home price is $125,740. Property tax rates in this region can vary, but the median property tax bill is $1,846.00, which is significantly higher than the national median property tax rate of 0.99%. Factors that influence the tax bill include the property's assessed value, any applicable exemptions, and the specific tax rates set by local taxing authorities. Homeowners at the 25th percentile can expect a tax bill around $1,002, while those at the 75th percentile might see bills up to $3,101. At the 90th percentile, tax bills can reach as high as $4,405. These variations in tax bills can significantly impact homeowners' annual expenses, influencing decisions on property purchases and long-term financial planning.
Average Spencerville Tax Bill
$1,846
Average Auglaize County Tax Bill
$2,263
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 | $198 | $1,002 | $1,846 | $3,101 | $4,405 |
Source: Ownwell