Monroeville, Ohio Property Taxes
The median property tax rate in Monroeville, Ohio is 1.50%, which is higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Monroeville, the typical annual property tax bill reaches $2,008, surpassing the national median of $2,690. Property taxes in Monroeville 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 Monroeville'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 Monroeville 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
Monroeville, 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 Monroeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroeville 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 Monroeville, Ohio
Property taxes in Monroeville, Ohio, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroeville is 1.50%, significantly higher than the U.S. national median of 0.99%. Local government entities within Monroeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroeville 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 Monroeville's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44847 zip code has the highest median property tax rate of 1.50%, while the same zip code also records the lowest median tax rate of 1.50%. Understanding how these cities compare with Monroeville provides valuable insights into the varying tax landscape across Erie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroeville Tax Rate
1.50%
Average Erie County Tax Rate
1.63%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroeville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44847 | 1.02% | 1.36% | 1.50% | 1.54% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Monroeville, Ohio
In Monroeville, 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 Erie 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 Monroeville, 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 Monroeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Monroeville is $2008 in the 44847 zip code, while the lowest median tax bill is also $2008 in the same zip code.
Average Monroeville Assessed Value
$137,600
Average Erie County Assessed Value
$126,310
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroeville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44847 | $64,665 | $97,218 | $137,600 | $206,388 | $296,645 |
Source: Ownwell
Property Tax Bills Across Monroeville, Ohio
In Monroeville, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the home's market value. For instance, with a median home price of $137,600 in Monroeville, homeowners can expect their property tax bills to vary significantly. The tax bill in the 25th percentile is around $1,350, while those in the 75th percentile can reach up to $3,004. At the higher end, the 90th percentile tax bill can be as much as $3,953. These tax bills are influenced by various factors, including the property's location within Erie County, any applicable exemptions, and the specific tax rates set by local taxing authorities. Homeowners in Monroeville should be aware that their property taxes can have a substantial impact on their annual expenses, with the highest median tax bill in the area being $2,008. This rate is considerably higher than the national median property tax rate of 0.99%, reflecting the local economic conditions and funding needs.
Average Monroeville Tax Bill
$2,008
Average Erie County Tax Bill
$2,003
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroeville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44847 | $897 | $1,350 | $2,008 | $3,004 | $3,953 |
Source: Ownwell