Mount Liberty, Ohio Property Taxes
The median property tax rate in Mount Liberty, OH is 1.72%, which is significantly higher than the national median of 0.99% but slightly below the Ohio state median of 1.80%. With a median home value of $85,655 in Mount Liberty, the typical annual property tax bill amounts to $1,485, which is lower than the national median of $2,690. Property taxes in Mount Liberty are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Mount Liberty'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 Mount Liberty or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Liberty, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.72%
Estimate Property Tax Bill
$1,473
$1,367
Ownwell’s Mount Liberty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Liberty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Liberty 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 Mount Liberty, Ohio
Property taxes in Mount Liberty, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Liberty is 1.72%, which is significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Mount Liberty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Liberty 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 Mount Liberty's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43048 zip code has the highest median property tax rate of 1.72%, while the same zip code also has the lowest median tax rate of 1.72%. Understanding how these cities compare with Mount Liberty provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Liberty Tax Rate
1.72%
Average Knox County Tax Rate
1.84%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Liberty, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43048 | 1.64% | 1.72% | 1.72% | 1.76% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Mount Liberty, Ohio
In Mount Liberty, 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 Knox 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 Mount Liberty, 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 Mount Liberty helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest and lowest median tax bill is 43048, both with a median tax bill of $1,485.
Average Mount Liberty Assessed Value
$85,655
Average Knox County Assessed Value
$133,520
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Liberty, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43048 | $60,772 | $69,160 | $85,655 | $146,580 | $274,923 |
Source: Ownwell
Property Tax Bills Across Mount Liberty, Ohio
In Mount Liberty, located in Knox 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 a percentage of the home's market value. The tax rate is then applied to this assessed value to calculate the annual property tax bill. For example, with a median home price of $85,655, homeowners in Mount Liberty can expect to pay a property tax rate that results in a median tax bill around $1,485. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or abatements. Homeowners in Mount Liberty see a range in their property tax bills, with the 25th percentile at $1,194 and the 75th percentile at $2,290, demonstrating variability based on property values and specific tax circumstances. Comparatively, the national median property tax rate is 0.99%, indicating that Mount Liberty's property taxes are relatively moderate, impacting homeowners' annual financial planning and housing affordability.
Average Mount Liberty Tax Bill
$1,485
Average Knox County Tax Bill
$2,431
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Liberty, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43048 | $1,068 | $1,194 | $1,485 | $2,290 | $4,730 |
Source: Ownwell