Brice, Franklin County, Ohio Property Taxes
The median property tax rate in Brice, OH is 2.26%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Brice, the typical annual property tax bill reaches $2,638, closely aligning with the national median of $2,690. Property taxes in Brice 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 Brice'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 Brice 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
Brice, Franklin County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$2,465
$2,287
Ownwell’s Brice Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brice with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brice 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 Brice, Franklin County, Ohio
Property taxes in Brice, Ohio, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Brice is 2.26%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Brice set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brice 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 Brice's effective property tax rate to other areas in Ohio and the national median. For comparison, the 43109 zip code has the highest median property tax rate of 2.26%, while the same zip code also has the lowest median tax rate of 2.26%. Understanding how these areas compare with Brice provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brice Tax Rate
2.26%
Average Franklin County Tax Rate
2.10%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brice, Franklin County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43109 | 2.26% | 2.26% | 2.26% | 2.28% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Brice, Franklin County, Ohio
In Brice, 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 Franklin 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 Brice, 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 Brice helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 43109 has the highest median tax bill of $2,638, which is above the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Brice, Franklin County, Ohio
Source: Ownwell
$4,400
$265,900
$527,400
Average Brice Assessed Value
$109,050
Average Franklin County Assessed Value
$168,000
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brice, Franklin County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43109 | $80,780 | $92,175 | $109,050 | $124,400 | $150,170 |
Source: Ownwell
Property Tax Bills Across Brice, Franklin County, Ohio
In Brice, located in Franklin County, OH, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The tax rate applied to this assessed value determines the annual property tax bill. The median home price in Brice is $109,050, and homeowners can expect varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is $1,943, while the 75th percentile tax bill reaches $3,048. At the 90th percentile, the tax bill can go up to $3,918. Several factors influence these tax bills, including property size, location, and improvements made to the home. Comparatively, the property tax rate in Brice can be higher than the national median rate of 0.99%, impacting homeowners financially. The highest and lowest median tax bills in the area both stand at $2,638, indicating a consistent tax rate within the zip code 43109. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances effectively.
Average Brice Tax Bill
$2,638
Average Franklin County Tax Bill
$3,472
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Brice, Franklin County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43109 | $1,562 | $1,943 | $2,638 | $3,048 | $3,918 |
Source: Ownwell