Sinking Spring, Highland County, Ohio Property Taxes
The median property tax rate in Sinking Spring, OH is 1.27%, which is higher than both the national median of 0.99% and the Ohio state median of 1.80%. With a median home value of $40,750 in Sinking Spring, the typical annual property tax bill amounts to $471, significantly lower than the national median of $2,690. Property taxes in Sinking Spring are calculated based on the assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Sinking Spring's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Sinking Spring 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
Sinking Spring, Highland County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$518
$480
Ownwell’s Sinking Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sinking Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sinking Spring 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 Sinking Spring, Highland County, Ohio
Property taxes in Sinking Spring, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sinking Spring is 1.27%, higher than the U.S. national median of 0.99%. Local government entities within Sinking Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sinking Spring 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 Sinking Spring's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45172 zip code has the highest median property tax rate of 1.27%, while the 45172 zip code also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Sinking Spring provides valuable insights into the varying tax landscape across Highland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sinking Spring Tax Rate
1.27%
Average Highland County Tax Rate
1.23%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sinking Spring, Highland County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45172 | 1.06% | 1.24% | 1.27% | 1.28% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Sinking Spring, Highland County, Ohio
In Sinking Spring, 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 Highland 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 Sinking Spring, 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 Sinking Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 45172, with a median tax bill of $471.
Property Tax Assessment Values Across Sinking Spring, Highland County, Ohio
Source: Ownwell
$40,750
$97,725
$154,700
Average Sinking Spring Assessed Value
$40,750
Average Highland County Assessed Value
$82,400
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sinking Spring, Highland County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45172 | $2,650 | $8,150 | $40,750 | $63,375 | $91,990 |
Source: Ownwell
Property Tax Bills Across Sinking Spring, Highland County, Ohio
In Sinking Spring, OH, property tax bills are determined by a combination of the property's assessed value and the local tax rate. The assessed value is calculated based on a percentage of the property's market value, which is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $40,750, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. The tax bills in Sinking Spring show a significant range. At the 25th percentile, homeowners pay around $91, while those at the 75th percentile face bills of approximately $765. At the 90th percentile, the tax bill can go up to $1,164. These figures illustrate the impact of property assessments and local tax rates on individual tax obligations. Compared to the national median property tax rate of 0.99%, Sinking Spring presents a diverse tax landscape that significantly affects homeowners' financial planning and budgeting.
Average Sinking Spring Tax Bill
$471
Average Highland County Tax Bill
$971
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Sinking Spring, Highland County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45172 | $32 | $91 | $471 | $765 | $1,164 |
Source: Ownwell