Somerville, Ohio Property Taxes
The median property tax rate in Somerville, OH is 1.02%, slightly higher than the national median of 0.99% but significantly lower than the Ohio state median of 1.80%. With a median home value of $183,140 in Somerville, the typical annual property tax bill amounts to $1,908, which is below the national median of $2,690. Property taxes in Somerville are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Somerville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Somerville or another part of Butler County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Somerville, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$1,868
Ownwell’s Somerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerville 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 Somerville, Ohio
Property taxes in Somerville, OH, are instrumental in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerville is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Somerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerville 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 Somerville's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45064 zip code has the highest median property tax rate of 1.02%, while the 45064 zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Somerville 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 Somerville Tax Rate
1.02%
Average Butler County Tax Rate
1.23%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45064 | 0.82% | 0.95% | 1.02% | 1.14% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Somerville, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Somerville, Ohio. 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 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 Somerville, 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 Somerville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 45064 has the highest and lowest median tax bill at $1908. With the national median property tax rate at 0.99%, understanding these local nuances can significantly impact your property tax management strategy.
Average Somerville Assessed Value
$183,140
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 Somerville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45064 | $33,898 | $116,425 | $183,140 | $290,225 | $372,722 |
Source: Ownwell
Property Tax Bills Across Somerville, Ohio
In Somerville, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Somerville is $183,140, and the property tax rate in Butler County is applied to this assessed value to determine the tax bill. Factors such as local government budgets, school funding, and public services influence the property tax rate. For homeowners, this means the tax bill can vary significantly depending on the value of their property and the specific rate set by local authorities. In Somerville, the 25th percentile tax bill is $1,188, while the 75th percentile tax bill is $2,990, and the 90th percentile tax bill reaches up to $3,904. Compared to the national median property tax rate of 0.99%, Somerville's property tax bills reflect the local economic and governmental conditions, impacting homeowners' annual financial obligations.
Average Somerville Tax Bill
$1,908
Average Butler County Tax Bill
$2,621
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45064 | $497 | $1,188 | $1,908 | $2,990 | $3,904 |
Source: Ownwell