Silverton, Ohio Property Taxes
The median property tax rate in Silverton, OH is 2.42%, considerably higher than both the national median of 0.99% and Ohio's state median of 1.80%. With the median home value in Silverton at $111,980, the typical annual property tax bill reaches $2,685, closely aligning with the national median of $2,690. Property taxes in Silverton 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 Silverton'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 Silverton 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
Silverton, 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 Silverton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Silverton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silverton 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 Silverton, Ohio
Property taxes in Silverton, Ohio, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Silverton stands at 2.42%, which is significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Silverton set these rates annually, and they can vary considerably across different neighborhoods. Each year, Silverton 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 Silverton's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 45236 has the highest median property tax rate of 2.42%, which is the same as the lowest median tax rate in the same zip code. Understanding how these figures compare with Silverton 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 Silverton Tax Rate
2.42%
Average Hamilton County Tax Rate
2.32%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silverton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45236 | 2.39% | 2.41% | 2.42% | 2.44% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Silverton, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Silverton, Ohio. The market value represents 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 Auditor 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. Assessment notices in Silverton 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. For instance, the median home price in Silverton is $111,980, with tax bills ranging from $2,439 at the 25th percentile to $3,861 at the 90th percentile. Notably, the zip code 45236 has both the highest and lowest median tax bills at $2,685. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Silverton Assessed Value
$111,980
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 Silverton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45236 | $89,190 | $101,605 | $111,980 | $133,388 | $160,795 |
Source: Ownwell
Property Tax Bills Across Silverton, Ohio
In Silverton, property tax bills are calculated based on the assessed value of a home, which is determined by the Hamilton County Auditor. The assessed value is a percentage of the property's market value. For example, if the median home price in Silverton is $111,980, the assessed value will be a fraction of this amount. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including the property's location within specific taxing districts, any applicable exemptions, and the overall budget needs of local government, schools, and public services. For homeowners in Silverton, the 25th percentile of tax bills is around $2,439, while the 75th percentile reaches $3,132, and the 90th percentile can go up to $3,861. These figures highlight the variability in tax bills across different properties, which can significantly impact homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Silverton's rates reflect the specific fiscal requirements and property values within Hamilton County.
Average Silverton Tax Bill
$2,685
Average Hamilton County Tax Bill
$3,119
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Silverton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45236 | $2,212 | $2,439 | $2,685 | $3,132 | $3,861 |
Source: Ownwell