London, Madison County, Ohio Property Taxes
The median property tax rate in London, OH is 1.50%, considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $141,745 in London, the typical annual property tax bill reaches $2,098, which is below the national median of $2,690. Property taxes in London 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 London'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 London or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
London, Madison County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$2,126
$1,973
Ownwell’s London Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in London with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in London 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 London, Madison County, Ohio
Property taxes in London, Ohio, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in London is 1.50%, significantly higher than the U.S. national median of 0.99%. Local government entities within London set these rates annually, and they can vary significantly across different neighborhoods. Each year, London 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 London's effective property tax rate to other regions in Madison County and the national median. For comparison, the zip code 43140 has the highest median property tax rate of 1.50%, while the lowest median tax rate in the same zip code is also 1.50%. Understanding how these cities compare with London provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average London Tax Rate
1.50%
Average Madison County Tax Rate
1.59%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across London, Madison County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43140 | 1.27% | 1.40% | 1.50% | 1.62% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across London, Madison County, Ohio
In London, 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 Madison County Auditor 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 London, 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. The median home price in London is $141,745, with the 25th percentile tax bill at $1,331 and the 75th percentile tax bill at $3,406. The highest and lowest median tax bill is $2,098, found in the 43140 zip code. By understanding 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 London helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across London, Madison County, Ohio
Source: Ownwell
$78,580
$165,693
$252,805
Average London Assessed Value
$141,745
Average Madison County Assessed Value
$142,200
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across London, Madison County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43140 | $40,736 | $92,438 | $141,745 | $215,085 | $300,776 |
Source: Ownwell
Property Tax Bills Across London, Madison County, Ohio
In London, Madison County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $141,745, homeowners can expect a range of tax bills. At the 25th percentile, the tax bill is around $1,331, while at the 75th percentile, it rises to approximately $3,406. For those at the 90th percentile, the tax bill can reach up to $4,841. Various factors influence the tax bill, including property location, improvements, and local government budgets. These taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the community. Homeowners in London, therefore, must be aware of these factors as they can significantly affect their annual financial obligations. Comparing this to the national median property tax rate of 0.99%, London's rates can vary but offer insight into the local tax landscape.
Average London Tax Bill
$2,098
Average Madison County Tax Bill
$2,428
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across London, Madison County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43140 | $618 | $1,331 | $2,098 | $3,406 | $4,841 |
Source: Ownwell