Spencer, Ohio Property Taxes
The median property tax rate in Spencer, OH is 1.37%, which is notably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $191,115 in Spencer, the typical annual property tax bill amounts to $2,577, slightly below the national median of $2,690. Property taxes in Spencer are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Spencer'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 Spencer 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
Spencer, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$2,618
$2,430
Ownwell’s Spencer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencer 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 Spencer, Ohio
Property taxes in Spencer, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spencer is 1.37%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Spencer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spencer 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 Spencer's effective property tax rate to other counties in Ohio and the national median. For comparison, the 44275 zip code has the highest median property tax rate of 1.37%, while the 44275 zip code has the lowest median tax rate of 1.37%. Understanding how these cities compare with Spencer provides valuable insights into the varying tax landscape across Medina County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spencer Tax Rate
1.37%
Average Medina County Tax Rate
1.53%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spencer, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44275 | 1.19% | 1.33% | 1.37% | 1.40% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Spencer, Ohio
In Spencer, 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 Medina 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 Spencer, 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 Spencer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Spencer is $2,577 in the 44275 zip code, which is also the lowest median tax bill.
Average Spencer Assessed Value
$191,115
Average Medina County Assessed Value
$233,850
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spencer, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44275 | $89,780 | $127,068 | $191,115 | $268,475 | $338,389 |
Source: Ownwell
Property Tax Bills Across Spencer, Ohio
In Spencer, located in Medina County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $191,115, homeowners can expect varying tax bills depending on where they fall within the value spectrum. The 25th percentile tax bill is around $1,799, while the 75th percentile reaches $3,579, and the 90th percentile can be as high as $4,528. These figures are influenced by factors such as property location, home improvements, and local government budgets. Compared to the national median property tax rate of 0.99%, Spencer's rates reflect the specific economic and administrative conditions of Medina County. Homeowners need to be aware of these factors as they directly impact their annual financial commitments and the overall affordability of owning property in Spencer.
Average Spencer Tax Bill
$2,577
Average Medina County Tax Bill
$3,537
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencer, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44275 | $1,270 | $1,799 | $2,577 | $3,579 | $4,528 |
Source: Ownwell