Versailles, Ohio Property Taxes
The median property tax rate in Versailles, OH is 1.15%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Versailles at $155,190, the typical annual property tax bill amounts to $1,728, falling below the national median of $2,690. Property taxes in Versailles are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Versailles'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 Versailles or another part of Darke County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Versailles, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$1,785
$1,656
Ownwell’s Versailles Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Versailles with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Versailles 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 Versailles, Ohio
Property taxes in Versailles, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Versailles is 1.15%, significantly higher than the U.S. national median of 0.99%. Local government entities within Versailles set these rates annually, and they can vary significantly across different neighborhoods. Each year, Versailles 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 Versailles' effective property tax rate to other counties in Ohio and the national median. For comparison, the 45380 zip code has the highest median property tax rate of 1.15%, while the 45380 zip code also has the lowest median tax rate of 1.15%. Understanding how these areas compare with Versailles 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 Versailles Tax Rate
1.15%
Average Darke County Tax Rate
1.34%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Versailles, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45380 | 0.94% | 1.12% | 1.15% | 1.19% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Versailles, Ohio
In Versailles, 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 local 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 Versailles, 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 Versailles helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 45380 has both the highest and lowest median tax bill, which is $1,728.
Average Versailles Assessed Value
$155,190
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 Versailles, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45380 | $75,332 | $108,580 | $155,190 | $226,620 | $312,132 |
Source: Ownwell
Property Tax Bills Across Versailles, Ohio
In Versailles, located in Darke County, OH, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the property's market value, determined by the county assessor. Factors such as home size, location, and market trends are considered in this assessment. Homeowners in Versailles can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $1,204 and the 75th percentile at $2,524. The 90th percentile tax bill reaches up to $3,554, indicating higher-value properties or those with significant improvements. The median property tax bill in Versailles stands at $1,728, which is higher than the national median property tax rate of 0.99%. This means homeowners in Versailles might pay more compared to the national average, affecting their annual budgeting and financial planning. Understanding these factors can help homeowners anticipate their tax obligations and manage their finances more effectively.
Average Versailles Tax Bill
$1,728
Average Darke County Tax Bill
$1,406
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Versailles, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45380 | $802 | $1,204 | $1,728 | $2,524 | $3,554 |
Source: Ownwell