Bannock, Ohio Property Taxes
The median property tax rate in Bannock, OH is 0.88%, which is lower than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Bannock, the typical annual property tax bill is $774, significantly below the national median of $2,690. Property taxes in Bannock are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bannock'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 Bannock 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
Bannock, 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 Bannock Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers in Bannock, Ohio. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Bannock to provide an estimate of your annual property tax bill. This valuable resource offers a clear understanding of your potential tax obligations, enabling better financial planning. For those interested in more detailed insights, localized trends at the neighborhood level are available by scrolling down. Your property's assessed value, determined by Belmont County, is used for tax calculations and considers any applicable exemptions.
Property Tax Rates Across Bannock, Ohio
Property taxes in Bannock, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bannock is 1.25%, higher than both the Ohio state median of 1.41% and the U.S. national median of 0.99%. Local government entities within Bannock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bannock 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 Bannock's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43972 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 Bannock provides valuable insights into the varying tax landscape across Belmont, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bannock Tax Rate
0.88%
Average Belmont County Tax Rate
1.29%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bannock, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43972 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Bannock, Ohio
In Bannock, 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 Belmont 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 Bannock, 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 Bannock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Bannock are both $774, found in the zip code 43972.
Average Bannock Assessed Value
$87,610
Average Belmont County Assessed Value
$74,065
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bannock, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43972 | $87,610 | $87,610 | $87,610 | $87,610 | $87,610 |
Source: Ownwell
Property Tax Bills Across Bannock, Ohio
In Bannock, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $87,610, the property tax rate in Bannock results in a median tax bill of $774. This figure is notably lower than the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's location, size, and any applicable exemptions or deductions. Homeowners in Bannock receive consistent tax bills, with the 25th, 75th, and 90th percentiles all reporting the same amount of $774. This uniformity simplifies financial planning for residents. Understanding these factors and how they interplay can help homeowners anticipate their tax obligations and manage their finances more effectively.
Average Bannock Tax Bill
$774
Average Belmont County Tax Bill
$992
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Bannock, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43972 | $774 | $774 | $774 | $774 | $774 |
Source: Ownwell