Mount Sterling, Ohio Property Taxes
The median property tax rate in Mount Sterling, OH is 1.49%, which is significantly higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $113,580 in Mount Sterling, the typical annual property tax bill amounts to $1,694, falling below the national median of $2,690. Property taxes in Mount Sterling are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. Grasping Mount Sterling'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 Mount Sterling or another part of the city, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Sterling, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$1,692
$1,570
Ownwell’s MOUNT STERLING Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT STERLING with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT STERLING 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 Sterling, Ohio
Property taxes in Mount Sterling, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Sterling is 1.49%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Mount Sterling set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Sterling 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 Sterling's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43143 zip code has the highest median property tax rate of 1.49%, while the same zip code also has the lowest median tax rate of 1.49%. Understanding how these cities compare with Mount Sterling 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 Mount Sterling Tax Rate
1.49%
Average Madison County Tax Rate
1.59%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Sterling, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43143 | 1.30% | 1.38% | 1.49% | 1.54% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Mount Sterling, Ohio
In Mount Sterling, 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 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 Sterling, 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. The median home price here is $113,580, with tax bills ranging from $1,132 at the 25th percentile to $3,550 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mount Sterling Assessed Value
$113,580
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 Mount Sterling, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43143 | $33,736 | $78,440 | $113,580 | $168,620 | $232,364 |
Source: Ownwell
Property Tax Bills Across Mount Sterling, Ohio
In Mount Sterling, Ohio, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting the estimated amount a property would sell for under current market conditions. Homeowners in Madison County typically see property tax bills influenced by factors such as the home's assessed value, the local tax rate, and any applicable exemptions. For instance, the median home price in Mount Sterling is $113,580. Property tax bills can vary significantly, with the 25th percentile at $1,132 and the 75th percentile reaching $2,509. At the 90th percentile, homeowners might pay as much as $3,550. These figures illustrate how property taxes can impact household budgets, often requiring careful financial planning. Compared to the national median property tax rate of 0.99%, homeowners in Mount Sterling experience a range of tax burdens depending on their property's assessed value and specific circumstances.
Average Mount Sterling Tax Bill
$1,694
Average Madison County Tax Bill
$2,428
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Sterling, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43143 | $587 | $1,132 | $1,694 | $2,509 | $3,550 |
Source: Ownwell