Ithaca, Ohio Property Taxes
The median property tax rate in Ithaca, Ohio is 1.33%, which is 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 Ithaca, the typical annual property tax bill reaches $611, significantly below the national median of $2,690. Property taxes in Ithaca 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 Ithaca'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 Ithaca 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
Ithaca, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$761
Ownwell’s Ithaca Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ithaca with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ithaca 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 Ithaca, Ohio
Property taxes in Ithaca, Ohio, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Ithaca is 1.33%, which is higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Ithaca set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ithaca 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 Ithaca's effective property tax rate to other areas in Ohio and the national median. For comparison, the 45304 zip code has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these areas compare with Ithaca 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 Ithaca Tax Rate
1.33%
Average Darke County Tax Rate
1.34%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ithaca, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45304 | 0.83% | 1.22% | 1.33% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Ithaca, Ohio
In Ithaca, 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 Ithaca, 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 Ithaca 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 $611 in zip code 45304, while the lowest is also $611 in the same zip code.
Average Ithaca Assessed Value
$57,250
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 Ithaca, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45304 | $22,015 | $42,592 | $57,250 | $65,578 | $80,370 |
Source: Ownwell
Property Tax Bills Across Ithaca, Ohio
Property tax bills in Ithaca, located in Darke County, Ohio, are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value. The tax rate, also known as the millage rate, is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For homeowners in Ithaca, the median home price is $57,250. Property tax bills can vary significantly, ranging from the 25th percentile at $494 to the 75th percentile at $845, with the 90th percentile reaching up to $879. The median tax bill in Darke County stands at $611. These tax bills can impact homeowners by affecting their monthly mortgage payments and overall housing affordability. Comparatively, Ithaca's property tax rates offer a different landscape when contrasted with the national median property tax rate of 0.99%.
Average Ithaca Tax Bill
$611
Average Darke County Tax Bill
$1,406
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Ithaca, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45304 | $282 | $494 | $611 | $845 | $879 |
Source: Ownwell