Beloit, Ohio Property Taxes
The median property tax rate in Beloit, OH is 1.10%, slightly higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Beloit at $111,100, the typical annual property tax bill is $1,172, which is below the national median of $2,690. Property taxes in Beloit are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Beloit'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 Beloit or another part of Columbiana County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Beloit, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Beloit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beloit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beloit 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 Beloit, Ohio
Property taxes in Beloit, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beloit is 1.10%, higher than the U.S. national median of 0.99%. Local government entities within Beloit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beloit 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 Beloit's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44609 zip code has the highest median property tax rate of 1.10%, while the same 44609 zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Beloit provides valuable insights into the varying tax landscape across Columbiana County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beloit Tax Rate
1.10%
Average Columbiana County Tax Rate
1.27%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beloit, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44609 | 0.88% | 1.09% | 1.10% | 1.12% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Beloit, Ohio
In Beloit, 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 Columbiana 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 Beloit, 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 Beloit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,172 in zip code 44609, while the lowest is also $1,172 in the same zip code.
Average Beloit Assessed Value
$111,100
Average Columbiana County Assessed Value
$95,700
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beloit, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44609 | $22,400 | $57,050 | $111,100 | $172,200 | $243,220 |
Source: Ownwell
Property Tax Bills Across Beloit, Ohio
Property tax bills in Beloit, located in Columbiana County, OH, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and represents a percentage of the property's market value. In Beloit, the median home price is $111,100. To determine the tax bill, the assessed value is multiplied by the local tax rate. For homeowners in Beloit, property tax bills can vary significantly. At the 25th percentile, homeowners pay around $587 annually, while those at the 75th percentile face bills of approximately $1,857. The 90th percentile sees even higher bills, reaching up to $2,714. Comparatively, the national median property tax rate is 0.99%, making Beloit's tax rates relatively moderate. However, the financial impact on homeowners can still be substantial, influencing their overall housing affordability and budgeting. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan accordingly.
Average Beloit Tax Bill
$1,172
Average Columbiana County Tax Bill
$1,157
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Beloit, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44609 | $245 | $587 | $1,172 | $1,857 | $2,714 |
Source: Ownwell