Hanging Rock, Ohio Property Taxes
The median property tax rate in Hanging Rock, OH is 0.97%, slightly below the national median of 0.99% and significantly lower than Ohio's state median of 1.80%. With a median home value of $32,640 in Hanging Rock, the typical annual property tax bill amounts to $319, which is well below the national median of $2,690. Property taxes in Hanging Rock are calculated based on the assessed value, which is often lower than the market value due to various exemptions like those for primary residences and agricultural properties. Gaining an understanding of Hanging Rock's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hanging Rock or another part of Lawrence County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hanging Rock, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$317
Ownwell’s Hanging Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hanging Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hanging Rock 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 Hanging Rock, Ohio
Property taxes in Hanging Rock, Ohio, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Hanging Rock is 1.18%, higher than both the Ohio state median of 1.41% and the U.S. national median of 0.99%. Local government entities within Hanging Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hanging Rock 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 Hanging Rock's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45638 zip code has the highest median property tax rate of 1.18%, while the same 45638 zip code has the lowest median tax rate of 1.18%. Understanding how these cities compare with Hanging Rock provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hanging Rock Tax Rate
0.97%
Average Lawrence County Tax Rate
1.02%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hanging Rock, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45638 | 0.97% | 0.97% | 0.97% | 1.02% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Hanging Rock, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hanging Rock, Ohio. 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 Lawrence 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 Hanging Rock, 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 Hanging Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 45638, with a median tax bill of $319.
Average Hanging Rock Assessed Value
$32,640
Average Lawrence County Assessed Value
$85,530
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hanging Rock, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45638 | $24,648 | $27,645 | $32,640 | $32,800 | $32,896 |
Source: Ownwell
Property Tax Bills Across Hanging Rock, Ohio
In Hanging Rock, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value determined by the county's property appraiser. Factors such as property size, location, and market conditions play a significant role in this valuation. In Lawrence County, where Hanging Rock is located, homeowners face a median property tax bill of $319, which is below the national median property tax rate of 0.99%. For homeowners, this means that a home valued at $32,640 typically results in an annual tax bill ranging from $269 at the 25th percentile to $343 at the 90th percentile. These property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly. By keeping track of property assessments and local tax rates, homeowners can better manage their budget and ensure they are not overpaying on their property taxes.
Average Hanging Rock Tax Bill
$319
Average Lawrence County Tax Bill
$879
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Hanging Rock, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45638 | $239 | $269 | $319 | $334 | $343 |
Source: Ownwell