Seven Mile, Ohio Property Taxes
The median property tax rate in Seven Mile, OH is 1.11%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Seven Mile at $143,130, the typical annual property tax bill amounts to $1,559, which is below the national median of $2,690. Property taxes in Seven Mile are calculated based on the assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Seven Mile'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 Seven Mile 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
Seven Mile, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$1,589
$1,474
Ownwell’s Seven Mile Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seven Mile with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seven Mile 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 Seven Mile, Ohio
Property taxes in Seven Mile, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seven Mile is 1.11%, which is higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Seven Mile set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seven Mile 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 Seven Mile's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 45062 has the highest median property tax rate of 1.11%, while the lowest median tax rate is also 1.11%. Understanding how these cities compare with Seven Mile 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 Seven Mile Tax Rate
1.11%
Average Butler County Tax Rate
1.23%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seven Mile, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45062 | 0.87% | 0.98% | 1.11% | 1.15% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Seven Mile, Ohio
In Seven Mile, 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 Seven Mile, 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 Seven Mile helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price here is $143,130, with tax bills ranging from $1,206 at the 25th percentile to $2,492 at the 90th percentile. Notably, the zip code with both the highest and lowest median tax bill is 45062, at $1,559.
Average Seven Mile Assessed Value
$143,130
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 Seven Mile, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45062 | $80,990 | $113,645 | $143,130 | $179,485 | $225,120 |
Source: Ownwell
Property Tax Bills Across Seven Mile, Ohio
In Seven Mile, located in Butler 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 Seven Mile is $143,130. To determine the tax bill, local tax rates are applied to the assessed value. Factors such as property improvements, neighborhood characteristics, and local government budgets also play a role in determining the final tax amount. Homeowners in Seven Mile can expect to pay varying amounts in property taxes. The 25th percentile tax bill is $1,206, while the 75th percentile tax bill reaches $1,960. For those at the 90th percentile, the tax bill can be as high as $2,492. These figures illustrate the range of property tax burdens within the area. Compared to the national median property tax rate of 0.99%, Seven Mile's property tax rates reflect the region's specific economic and governmental conditions, impacting homeowners' annual financial planning and housing affordability.
Average Seven Mile Tax Bill
$1,559
Average Butler County Tax Bill
$2,621
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Seven Mile, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45062 | $904 | $1,206 | $1,559 | $1,960 | $2,492 |
Source: Ownwell