Okeana, Ohio Property Taxes
The median property tax rate in Okeana, OH is 0.94%, slightly lower than the national median of 0.99% and significantly below Ohio's state median of 1.80%. With a median home value of $298,980, the typical annual property tax bill in Okeana is approximately $2,760, which is just under the national median of $2,690. Property taxes in Okeana are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Okeana'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 Okeana or another part of Butler County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Okeana, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$2,810
$2,608
Ownwell’s Okeana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Okeana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Okeana 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 Okeana, Ohio
Property taxes in Okeana, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Okeana is 0.94%, which is slightly below the U.S. national median of 0.99%. Local government entities within Okeana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Okeana 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 Okeana's effective property tax rate to other areas in Butler County and the national median. For comparison, the 45053 zip code has the same median property tax rate of 0.94%. Understanding how these areas compare with Okeana provides valuable insights into the varying tax landscape across Butler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Okeana Tax Rate
0.94%
Average Butler County Tax Rate
1.23%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okeana, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45053 | 0.83% | 0.90% | 0.94% | 1.03% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Okeana, Ohio
In Okeana, 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 Butler County Auditor 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 Okeana, 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 Okeana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2760.00, found in the 45053 zip code.
Average Okeana Assessed Value
$298,980
Average Butler County Assessed Value
$217,015
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Okeana, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45053 | $24,580 | $164,850 | $298,980 | $373,350 | $454,634 |
Source: Ownwell
Property Tax Bills Across Okeana, Ohio
In Okeana, located in Butler County, OH, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. For example, with a median home price of $298,980, homeowners can expect varying tax bills depending on their property's specific assessed value and the local tax rate. Factors such as property size, location, and improvements can influence the assessed value. In Okeana, the tax bill can range significantly. Homeowners at the 25th percentile pay around $1,642, while those at the 75th percentile face bills of approximately $3,483. At the 90th percentile, the tax bill can reach up to $4,241. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates and assessed values impact their financial obligations. High property taxes can affect affordability and overall cost of living, making it crucial for residents to stay informed and possibly seek exemptions or appeals if necessary.
Average Okeana Tax Bill
$2,760
Average Butler County Tax Bill
$2,621
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Okeana, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45053 | $347 | $1,642 | $2,760 | $3,483 | $4,241 |
Source: Ownwell