Wilmot, Holmes County, Ohio Property Taxes
The median property tax rate in Wilmot, OH is 1.23%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Wilmot being $300,540, the typical annual property tax bill reaches $3,588, exceeding the national median of $2,690. Property taxes in Wilmot 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 Wilmot'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 Wilmot or another part of Holmes County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wilmot, Holmes County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$3,697
$3,430
Ownwell’s Wilmot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilmot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilmot 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 Wilmot, Holmes County, Ohio
Property taxes in Wilmot, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilmot is 1.23%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Wilmot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilmot 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 Wilmot's effective property tax rate to other areas in Holmes County and the national median. For comparison, the zip code 44689 has both the highest and lowest median property tax rate of 1.23%. Understanding how these areas compare with Wilmot provides valuable insights into the varying tax landscape across Holmes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wilmot Tax Rate
1.23%
Average Holmes County Tax Rate
1.25%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilmot, Holmes County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44689 | 0.40% | 1.08% | 1.23% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Wilmot, Holmes County, Ohio
In Wilmot, 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 Holmes 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 Wilmot, 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 Wilmot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Wilmot is $3,588, with the highest and lowest median tax bills both found in zip code 44689.
Property Tax Assessment Values Across Wilmot, Holmes County, Ohio
Source: Ownwell
$23,980
$200,808
$377,635
Average Wilmot Assessed Value
$300,540
Average Holmes County Assessed Value
$211,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wilmot, Holmes County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44689 | $153,438 | $216,920 | $300,540 | $437,300 | $1,142,138 |
Source: Ownwell
Property Tax Bills Across Wilmot, Holmes County, Ohio
In Wilmot, Holmes County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Wilmot is $300,540, and property tax rates can vary within the county. For instance, the property tax bill at the 25th percentile is $2,369, while at the 75th percentile, it rises to $4,450, and at the 90th percentile, it reaches $5,663. These figures highlight the range in tax burdens that homeowners might face, depending on the specific valuation of their property. Compared to the national median property tax rate of 0.99%, Wilmot's tax rates reflect a significant investment in local services and infrastructure, which can affect homeowners by ensuring well-maintained public amenities and services. However, higher tax bills can also impact household budgets, necessitating careful financial planning.
Average Wilmot Tax Bill
$3,588
Average Holmes County Tax Bill
$2,534
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilmot, Holmes County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44689 | $1,666 | $2,369 | $3,588 | $4,450 | $5,663 |
Source: Ownwell