Somerton, Ohio Property Taxes
The median property tax rate in Somerton, Ohio is 0.93%, which is slightly lower than the national median of 0.99% and significantly below the Ohio state median of 1.80%. With a median home value of $122,880 in Somerton, the typical annual property tax bill amounts to $1,140, falling well below the national median of $2,690. Property taxes in Somerton are calculated based on the tax assessed value, which often comes in lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Somerton'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 Somerton or another part of Belmont County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Somerton, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$1,143
Ownwell’s Somerton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerton 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 Somerton, Ohio
Property taxes in Somerton, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerton is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Somerton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerton 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 Somerton's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 43713 has both the highest and lowest median property tax rate of 0.93%. Understanding how these cities compare with Somerton 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 Somerton Tax Rate
0.93%
Average Belmont County Tax Rate
1.29%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43713 | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Somerton, Ohio
In Somerton, 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 Somerton, 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 Somerton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 43713 has the highest and lowest median tax bill, both at $1,140 annually.
Average Somerton Assessed Value
$122,880
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 Somerton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43713 | $122,880 | $122,880 | $122,880 | $122,880 | $122,880 |
Source: Ownwell
Property Tax Bills Across Somerton, Ohio
In Somerton, located in Belmont County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Somerton is $122,880. Property taxes are then determined by applying the local tax rate to this assessed value. For example, the median property tax bill in the area is $1,140, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners in Somerton may find their property tax bills to be relatively uniform, with the 25th, 75th, and 90th percentile tax bills all at $1,140. This consistency can offer a predictable financial outlook for residents, although it may also reflect a lack of variability in property values within the area.
Average Somerton Tax Bill
$1,140
Average Belmont County Tax Bill
$992
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43713 | $1,140 | $1,140 | $1,140 | $1,140 | $1,140 |
Source: Ownwell