Minford, Ohio Property Taxes
The median property tax rate in Minford, OH is 1.46%, notably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $31,160 in Minford, the typical annual property tax bill is $453, which is significantly below the national median of $2,690. Property taxes in Minford are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Minford'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 Minford or another part of Jackson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Minford, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$455
$422
Ownwell’s Minford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minford 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 Minford, Ohio
Property taxes in Minford, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minford is 1.46%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Minford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minford 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 Minford's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45653 zip code has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these cities compare with Minford provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minford Tax Rate
1.46%
Average Jackson County Tax Rate
1.66%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minford, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45653 | 1.46% | 1.46% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Minford, Ohio
In Minford, 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 Jackson 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 Minford, 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 Minford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Minford are both $453, found in the 45653 zip code.
Average Minford Assessed Value
$31,160
Average Jackson County Assessed Value
$67,520
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minford, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45653 | $31,160 | $31,160 | $31,160 | $31,160 | $31,160 |
Source: Ownwell
Property Tax Bills Across Minford, Ohio
In Minford, located in Jackson County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $31,160, the assessed value is derived, and the corresponding tax rate is applied. Factors such as property location, size, and condition play a significant role in determining the assessed value. Additionally, local government budgets and voter-approved levies can influence the tax rate. Homeowners in Minford experience a median tax bill of $453, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax bill can make homeownership more affordable, but it also means fewer resources for local services funded by property taxes. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Minford Tax Bill
$453
Average Jackson County Tax Bill
$1,087
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Minford, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45653 | $453 | $453 | $453 | $453 | $453 |
Source: Ownwell