Milford, Ohio Property Taxes
The median property tax rate in Milford, OH is 5.99%, significantly higher than both the national median of 0.99% and the Ohio state median of 1.80%. With a median home value of $150,900 in Milford, the typical annual property tax bill reaches $8,931, far exceeding the national median of $2,690. Property taxes in Milford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milford'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 Milford 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
Milford, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.99%
Estimate Property Tax Bill
$9,039
Ownwell’s Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford, Ohio
Property taxes in Milford, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 5.99%, significantly higher than the Ohio state median and the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45150 zip code has the highest median property tax rate of 5.99%, while the 45150 zip code also has the lowest median tax rate of 5.99%. Understanding how these cities compare with Milford provides valuable insights into the varying tax landscape across Clermont County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
5.99%
Average Clermont County Tax Rate
4.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45150 | 4.61% | 5.50% | 5.99% | 6.05% | 6.65% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Ohio
Understanding the distinction between "market value" and "assessed value" is crucial for comprehending property taxes in Milford, 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 Clermont 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 Milford, 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. For instance, the highest median tax bill in Milford is $8,931 in the 45150 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milford Assessed Value
$150,900
Average Clermont County Assessed Value
$145,600
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45150 | $2,700 | $100,500 | $150,900 | $209,700 | $269,600 |
Source: Ownwell
Property Tax Bills Across Milford, Ohio
In Milford, located in Clermont County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Local tax rates are then applied to this assessed value to generate the total tax bill. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Homeowners in Milford experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $6,300, while at the 75th percentile, it rises to $12,337. At the 90th percentile, it reaches $15,861. The highest median tax bill in the area is $8,931, which is significantly higher than the national median property tax rate of 0.99%. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Milford Tax Bill
$8,931
Average Clermont County Tax Bill
$6,844
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45150 | $4,368 | $6,300 | $8,931 | $12,337 | $15,861 |
Source: Ownwell