Minerva, Ohio Property Taxes
The median property tax rate in Minerva, OH is 1.47%, considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Minerva at $132,600, the typical annual property tax bill reaches $1,793, which is below the national median of $2,690. Property taxes in Minerva are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Minerva'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 Minerva 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
Minerva, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$1,949
$1,809
Ownwell’s Minerva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minerva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minerva 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 Minerva, Ohio
Property taxes in Minerva, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minerva is 1.47%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Minerva set these rates annually, and they can vary across different neighborhoods. Each year, Minerva 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 Minerva's effective property tax rate to other areas and the national median. For comparison, the zip code 44657 has both the highest and lowest median property tax rate of 1.47%. Understanding how these areas compare with Minerva 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 Minerva Tax Rate
1.47%
Average Columbiana County Tax Rate
1.27%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minerva, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44657 | 1.12% | 1.35% | 1.47% | 1.51% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Minerva, Ohio
In Minerva, 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 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 Minerva, 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 Minerva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1,793 in the 44657 zip code.
Average Minerva Assessed Value
$132,600
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 Minerva, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44657 | $37,690 | $87,300 | $132,600 | $180,975 | $255,190 |
Source: Ownwell
Property Tax Bills Across Minerva, Ohio
In Minerva, located in Columbiana County, OH, property tax bills are calculated based on the assessed value of a property, which typically reflects a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final amount, including the property’s location, size, and any applicable exemptions. For homeowners in Minerva, the median home price stands at $132,600. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,200 and the 75th percentile tax bill reaching $2,505. At the 90th percentile, homeowners might see tax bills as high as $3,529. The median property tax bill in the area is $1,793, which is below the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners, as property taxes can represent a significant portion of annual expenses. Accurate knowledge of how these taxes are calculated helps in financial planning and ensures that homeowners are prepared for their tax obligations.
Average Minerva Tax Bill
$1,793
Average Columbiana County Tax Bill
$1,157
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Minerva, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44657 | $473 | $1,200 | $1,793 | $2,505 | $3,529 |
Source: Ownwell