Milford, Ohio Property Taxes
The median property tax rate in Milford, OH is 2.44%, significantly higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Milford at $99,030, the typical annual property tax bill reaches $2,417, slightly below the national median of $2,690. Property taxes in Milford 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 Milford'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 Milford 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
Milford, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$2,416
Ownwell’s Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford, Ohio
Property taxes in Milford, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 2.44%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45150 zip code has both the highest and lowest median property tax rate of 2.44%. Understanding how these cities compare with Milford provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
2.44%
Average Hamilton County Tax Rate
2.32%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45150 | 1.98% | 2.36% | 2.44% | 2.47% | 2.52% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Ohio
In Milford, 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 Hamilton 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 Milford, 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 Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Milford is $2,417 in the 45150 zip code, which aligns with the lowest median tax bill in the same zip code.
Average Milford Assessed Value
$99,030
Average Hamilton County Assessed Value
$139,190
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45150 | $58,116 | $76,620 | $99,030 | $160,000 | $163,000 |
Source: Ownwell
Property Tax Bills Across Milford, Ohio
In Milford, located in Hamilton County, OH, property tax bills are determined by assessing the market value of your home and applying the local tax rate. The median home price in Milford is $99,030. Property taxes are calculated by taking a percentage of this assessed value, which is then multiplied by the local property tax rate. For instance, if your home is valued at the median price, your tax bill could fall between $1,320 at the 25th percentile and $3,778 at the 75th percentile, with the 90th percentile reaching up to $3,959. The highest and lowest median tax bills in the area are both $2,417, associated with the zip code 45150. These taxes fund essential local services, including schools, infrastructure, and emergency services, thereby directly impacting the quality of life for homeowners. Compared to the national median property tax rate of 0.99%, Milford's rates can vary, influencing how much residents pay annually.
Average Milford Tax Bill
$2,417
Average Hamilton County Tax Bill
$3,119
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45150 | $1,230 | $1,320 | $2,417 | $3,778 | $3,959 |
Source: Ownwell