Urbana, Ohio Property Taxes
The median property tax rate in Urbana, OH is 1.46%, which is significantly higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $137,810 in Urbana, the typical annual property tax bill amounts to $1,923, falling below the national median of $2,690. Property taxes in Urbana are calculated based on the assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Urbana'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 Urbana or another part of Champaign County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Urbana, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$2,012
$1,867
Ownwell’s Urbana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Urbana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Urbana 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 Urbana, Ohio
Property taxes in Urbana, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Urbana is 1.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within Urbana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Urbana 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 Urbana's effective property tax rate to other regions and the national median. For comparison, the highest median property tax rate in Urbana is 1.46%, while the lowest median tax rate is also 1.46%. Understanding how these figures compare with Urbana provides valuable insights into the varying tax landscape across Champaign County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Urbana Tax Rate
1.46%
Average Champaign County Tax Rate
1.33%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Urbana, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43078 | 1.01% | 1.22% | 1.46% | 1.49% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Urbana, Ohio
In Urbana, 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 Champaign 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 Urbana, 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 Urbana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price in Urbana is $137,810, with tax bills ranging from $1,316 at the 25th percentile to $3,983 at the 90th percentile. The zip code 43078 has the highest and lowest median tax bill of $1,923.
Average Urbana Assessed Value
$137,810
Average Champaign County Assessed Value
$139,430
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Urbana, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43078 | $27,032 | $88,720 | $137,810 | $204,265 | $311,254 |
Source: Ownwell
Property Tax Bills Across Urbana, Ohio
Property tax bills in Urbana, located in Champaign County, Ohio, are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence this calculation, including property characteristics, market conditions, and any applicable exemptions or deductions. For homeowners in Urbana, the median home price is $137,810. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,316 and the 75th percentile reaching $2,782. At the 90th percentile, homeowners may pay up to $3,983 annually. This variation highlights how different factors, such as property size and location, impact tax obligations. Compared to the national median property tax rate of 0.99%, Urbana's tax rates reflect the local economic and market conditions, affecting homeowners' financial planning and budgeting. Understanding these factors is crucial for homeowners to anticipate and manage their property tax responsibilities effectively.
Average Urbana Tax Bill
$1,923
Average Champaign County Tax Bill
$1,926
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Urbana, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43078 | $748 | $1,316 | $1,923 | $2,782 | $3,983 |
Source: Ownwell