Summitville, Ohio Property Taxes
The median property tax rate in Summitville, OH is 1.16%, which is higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With a median home value of $86,800, the typical annual property tax bill in Summitville amounts to $988, significantly below the national median of $2,690. Property taxes in Summitville are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Summitville'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 Summitville or another part of the city, grasping the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Summitville, 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 Summitville Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Summitville. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Summitville to provide an accurate estimate of your property tax bill. This tool offers crucial insights into potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property's assessed value, determined by Columbiana County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Summitville, Ohio
Property taxes in Summitville, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summitville is 1.16%, significantly higher than the U.S. national median of 0.99%. Local government entities within Summitville set these rates annually, and they can vary across different neighborhoods. Each year, Summitville 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 Summitville's effective property tax rate to other areas in Columbiana County and the national median. For comparison, the zip code 43962 has both the highest and lowest median property tax rate in the region at 1.16%. Understanding how these areas compare with Summitville 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 Summitville Tax Rate
1.16%
Average Columbiana County Tax Rate
1.27%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summitville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43962 | 0.84% | 1.15% | 1.16% | 1.16% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Summitville, Ohio
In Summitville, 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 Summitville, 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 Summitville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Summitville are both $988, found in the zip code 43962.
Average Summitville Assessed Value
$86,800
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 Summitville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43962 | $30,140 | $56,800 | $86,800 | $120,200 | $178,080 |
Source: Ownwell
Property Tax Bills Across Summitville, Ohio
In Summitville, located in Columbiana County, OH, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine your annual property tax bill. For example, with a median home price of $86,800, homeowners can expect varying tax bills depending on their property's valuation and the specific tax rate applied. Factors influencing the tax bill include the assessed value of the property, local tax rates, and any applicable exemptions. In Summitville, property tax bills typically range from $587 at the 25th percentile to $2,064 at the 90th percentile, indicating a significant variation based on individual property assessments. Compared to the national median property tax rate of 0.99%, Summitville's property taxes can be considered moderate. This affects homeowners by influencing the overall cost of homeownership, potentially impacting decisions related to buying, selling, or investing in property within the area.
Average Summitville Tax Bill
$988
Average Columbiana County Tax Bill
$1,157
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Summitville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43962 | $355 | $587 | $988 | $1,309 | $2,064 |
Source: Ownwell