Thurman, Ohio Property Taxes
The median property tax rate in Thurman, OH is 1.41%, which is considerably higher than the national median of 0.99%, yet lower than the Ohio state median of 1.80%. With the median home value in Thurman at $72,710, the typical annual property tax bill amounts to $1,068, falling below the national median of $2,690. Property taxes in Thurman are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Thurman'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 Thurman 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
Thurman, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$1,025
Ownwell’s Thurman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thurman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thurman 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 Thurman, Ohio
Property taxes in Thurman, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thurman is 1.41%, significantly higher than the U.S. national median of 0.99%. Local government entities within Thurman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thurman 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 Thurman's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45685 zip code has the highest median property tax rate of 1.41%, while the 45685 zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Thurman 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 Thurman Tax Rate
1.41%
Average Jackson County Tax Rate
1.66%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thurman, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45685 | 1.41% | 1.41% | 1.41% | 1.41% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Thurman, Ohio
In Thurman, 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 Thurman, 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 Thurman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,068 in zip code 45685, while the lowest is also $1,068 in the same zip code.
Average Thurman Assessed Value
$72,710
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 Thurman, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45685 | $16,960 | $32,385 | $72,710 | $112,270 | $161,822 |
Source: Ownwell
Property Tax Bills Across Thurman, Ohio
In Thurman, Jackson County, OH, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For instance, with a median home price of $72,710, the assessed value forms the basis for calculating the tax bill. Local tax rates are applied to the assessed value to determine the final tax bill. Homeowners in Thurman can expect property tax bills to vary widely. At the 25th percentile, tax bills are around $433, while at the 75th percentile, they can reach $1,576. The 90th percentile sees tax bills as high as $2,452. These property tax bills significantly impact homeowners, influencing monthly mortgage payments and overall housing affordability. Compared to the national median property tax rate of 0.99%, understanding these local variations helps homeowners budget more effectively and plan for future expenses.
Average Thurman Tax Bill
$1,068
Average Jackson County Tax Bill
$1,087
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Thurman, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45685 | $243 | $433 | $1,068 | $1,576 | $2,452 |
Source: Ownwell