Covington, Ohio Property Taxes
The median property tax rate in Covington, OH is 1.04%, slightly higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With the median home value in Covington at $247,730, the typical annual property tax bill is $1,603, which is below the national median of $2,690. Property taxes in Covington are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Covington'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 Covington 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
Covington, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$2,576
$2,391
Ownwell’s Covington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Covington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Covington 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 Covington, Ohio
Property taxes in Covington, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Covington is 1.04%, higher than the U.S. national median of 0.99%. Local government entities within Covington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Covington 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 Covington's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 45318 has both the highest and lowest median property tax rate of 1.04%. Understanding how these cities compare with Covington provides valuable insights into the varying tax landscape across Darke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Covington Tax Rate
1.04%
Average Darke County Tax Rate
1.34%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Covington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45318 | 0.40% | 0.87% | 1.04% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Covington, Ohio
In Covington, 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 Darke 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 Covington, 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. The zip code 45318 has the highest and lowest median tax bill at $1,603. Being aware of these valuation processes in Covington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Covington Assessed Value
$247,730
Average Darke County Assessed Value
$110,800
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Covington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45318 | $126,472 | $156,260 | $247,730 | $356,720 | $407,076 |
Source: Ownwell
Property Tax Bills Across Covington, Ohio
Property tax bills in Covington, located in Darke County, Ohio, are determined based on the assessed value of a property and the applicable tax rate. The assessed value is typically a percentage of the property's market value, which is influenced by factors such as location, property size, and improvements. In Covington, the median home price is $247,730, contributing to varying tax bills across different percentiles. Homeowners in Covington can expect their property tax bills to range significantly. The 25th percentile tax bill is approximately $1,487, while the 75th percentile tax bill reaches around $2,856. For those at the 90th percentile, tax bills can escalate to about $4,082. The highest and lowest median tax bills in the area are both $1,603, indicating some level of consistency within the zip code 45318. These property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how these factors influence property tax bills can help homeowners in Covington better anticipate their financial obligations and plan accordingly.
Average Covington Tax Bill
$1,603
Average Darke County Tax Bill
$1,406
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Covington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45318 | $562 | $1,487 | $1,603 | $2,856 | $4,082 |
Source: Ownwell