Mount Vernon, Ohio Property Taxes
The median property tax rate in Mount Vernon, OH is 2.26%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Mount Vernon at $235,550, the typical annual property tax bill reaches $5,204, exceeding the national median of $2,690. Property taxes in Mount Vernon 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 Mount Vernon'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 Vernon 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
Mount Vernon, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$5,323
Ownwell’s Mount Vernon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Vernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Vernon 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 Vernon, Ohio
Property taxes in Mount Vernon, Ohio, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Vernon is 1.43%, higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Mount Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Vernon 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 Vernon's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43050 zip code has the highest median property tax rate of 1.43%, while the 43050 zip code also has the lowest median tax rate of 1.43%. Understanding how these cities compare with Mount Vernon 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 Vernon Tax Rate
2.26%
Average Licking County Tax Rate
2.22%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Vernon, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43050 | 1.66% | 2.17% | 2.26% | 2.34% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Mount Vernon, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mount Vernon, 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 Licking 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 Vernon, 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 Vernon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 43050, with a value of $5,204, which is significantly above the national median property tax rate of 0.99%.
Average Mount Vernon Assessed Value
$235,550
Average Licking County Assessed Value
$163,800
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Vernon, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43050 | $196,630 | $210,250 | $235,550 | $266,775 | $589,870 |
Source: Ownwell
Property Tax Bills Across Mount Vernon, Ohio
In Mount Vernon, Ohio, property tax bills are calculated based on the assessed value of a 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 homeowners in Mount Vernon, the median home price stands at $235,550. The local property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location within the county, any applicable exemptions, and the specific tax rates set by local taxing authorities. In Mount Vernon, the annual tax bill can vary significantly, with the 25th percentile at $4,669 and the 75th percentile at $5,798. For those in the 90th percentile, tax bills can reach up to $8,911. These property taxes directly impact homeowners by funding essential local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated can help homeowners better manage their finances and plan for future expenses.
Average Mount Vernon Tax Bill
$5,204
Average Licking County Tax Bill
$3,689
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Vernon, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43050 | $4,432 | $4,669 | $5,204 | $5,798 | $8,911 |
Source: Ownwell