Terrace Park, Ohio Property Taxes
The median property tax rate in Terrace Park, OH is 2.81%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Terrace Park at $432,860, the typical annual property tax bill reaches $12,146, exceeding the national median of $2,690. Property taxes in Terrace Park 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 Terrace Park'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 Terrace Park or another part of Hamilton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Terrace Park, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.81%
Estimate Property Tax Bill
$12,163
$11,287
Ownwell’s Terrace Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terrace Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terrace Park 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 Terrace Park, Ohio
Property taxes in Terrace Park, Ohio, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Terrace Park is 2.81%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Terrace Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terrace Park 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 Terrace Park's effective property tax rate to other areas in Hamilton County and the national median. For comparison, the 45174 zip code has the highest median property tax rate of 2.81%, while the same zip code also has the lowest median tax rate of 2.81%. Understanding how these areas compare with Terrace Park 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 Terrace Park Tax Rate
2.81%
Average Hamilton County Tax Rate
2.32%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terrace Park, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45174 | 2.78% | 2.81% | 2.81% | 2.81% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Terrace Park, Ohio
In Terrace Park, 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 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. In Terrace Park, 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. The zip code with the highest median tax bill is 45174, with a median tax bill of $12,146. 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 Terrace Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Terrace Park Assessed Value
$432,860
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 Terrace Park, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45174 | $245,701 | $303,660 | $432,860 | $617,088 | $816,683 |
Source: Ownwell
Property Tax Bills Across Terrace Park, Ohio
In Terrace Park, Hamilton County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Terrace Park is $432,860. Local tax rates are then applied to this assessed value to determine the tax bill. For instance, homeowners in the 25th percentile of tax bills pay approximately $8,458 annually, while those in the 75th percentile pay around $17,403. At the higher end, the 90th percentile sees tax bills reaching up to $22,945. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Terrace Park's tax rates can significantly impact homeowners, making it crucial for them to understand their assessments and explore potential exemptions to manage their tax obligations effectively.
Average Terrace Park Tax Bill
$12,146
Average Hamilton County Tax Bill
$3,119
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Terrace Park, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45174 | $6,790 | $8,458 | $12,146 | $17,403 | $22,945 |
Source: Ownwell