Belmont, Ohio Property Taxes
The median property tax rate in Belmont, OH is 1.17%, which is higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With the median home value in Belmont at $108,330, the typical annual property tax bill amounts to $1,216, falling below the national median of $2,690. Property taxes in Belmont are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Belmont'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 Belmont or another part of the county, grasping the local property tax intricacies will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Belmont, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,267
$1,176
Ownwell’s Belmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belmont 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 Belmont, Ohio
Property taxes in Belmont, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belmont is 1.17%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Belmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belmont 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 Belmont's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43718 zip code has both the highest and lowest median property tax rate of 1.17%. Understanding how these areas compare with Belmont provides valuable insights into the varying tax landscape across Belmont County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belmont Tax Rate
1.17%
Average Belmont County Tax Rate
1.29%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belmont, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43718 | 0.98% | 1.12% | 1.17% | 1.24% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Belmont, Ohio
In Belmont, 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 Belmont, 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 Belmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Belmont is $1216 in the 43718 zip code, while the lowest median tax bill is also $1216 in the same zip code.
Average Belmont Assessed Value
$108,330
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 Belmont, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43718 | $13,020 | $46,995 | $108,330 | $216,565 | $349,460 |
Source: Ownwell
Property Tax Bills Across Belmont, Ohio
In Belmont, OH, property tax bills are calculated based on the assessed value of a home, which is determined by local government authorities. This assessed value is a percentage of the market value of the property. The tax rate is then applied to this assessed value to calculate the annual tax bill. Various factors influence the assessed value, including the property's location, size, and condition. For homeowners in Belmont, the median home price is $108,330. Property tax bills can vary significantly; for instance, the tax bill at the 25th percentile is $504, while at the 75th percentile, it rises to $2,481. The 90th percentile sees tax bills as high as $4,027. The median property tax bill in the region is notably higher compared to the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners, as property taxes can significantly impact annual expenses and long-term financial planning.
Average Belmont Tax Bill
$1,216
Average Belmont County Tax Bill
$992
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Belmont, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43718 | $138 | $504 | $1,216 | $2,481 | $4,027 |
Source: Ownwell