Union Furnace, Ohio Property Taxes
The median property tax rate in Union Furnace, OH is 1.32%, which is notably higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With a median home value of $62,010, the typical annual property tax bill in Union Furnace amounts to $845, which is significantly below the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Union Furnace's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Union Furnace or another part of Hocking County, gaining insight into the local property tax system will benefit you financially.
Last Updated June 14, 2024
Union Furnace, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$819
Ownwell’s UNION FURNACE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in UNION FURNACE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in UNION FURNACE 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 Union Furnace, Ohio
Property taxes in Union Furnace, Ohio, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Union Furnace is 1.32%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Union Furnace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Union Furnace 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 Union Furnace's effective property tax rate to other areas in Hocking County and the national median. For comparison, the zip code 43158 has the highest median property tax rate of 1.32%, while the same zip code also has the lowest median tax rate of 1.32%. Understanding how these areas compare with Union Furnace provides valuable insights into the varying tax landscape across Hocking County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Union Furnace Tax Rate
1.32%
Average Hocking County Tax Rate
1.35%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Union Furnace, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43158 | 0.75% | 1.32% | 1.32% | 1.35% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Union Furnace, Ohio
In Union Furnace, 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 Hocking 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 Union Furnace 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 Union Furnace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $845.00, found in the 43158 zip code.
Average Union Furnace Assessed Value
$62,010
Average Hocking County Assessed Value
$109,310
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Union Furnace, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43158 | $19,530 | $37,855 | $62,010 | $108,042 | $203,182 |
Source: Ownwell
Property Tax Bills Across Union Furnace, Ohio
In Union Furnace, located in Hocking County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in this area face a median home price of $62,010. The property tax rate is applied to the assessed value to determine the tax bill. Factors such as local government budgets, school funding requirements, and public service needs influence the tax rate. For homeowners, this means their tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $513, while at the 75th percentile, it jumps to $1,488. At the 90th percentile, it can reach as high as $2,444. The highest median tax bill in the region is recorded at $845 in zip code 43158. Compared to the national median property tax rate of 0.99%, these figures highlight the variability and potential financial impact on homeowners in Union Furnace.
Average Union Furnace Tax Bill
$845
Average Hocking County Tax Bill
$1,629
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Union Furnace, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43158 | $286 | $513 | $845 | $1,488 | $2,444 |
Source: Ownwell