Racine, Ohio Property Taxes
The median property tax rate in Racine, Ohio, is 1.18%, slightly higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $51,310 in Racine, the typical annual property tax bill amounts to $582, which is significantly below the national median of $2,690. Property taxes in Racine are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Racine'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 Racine or another part of Meigs County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Racine, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$605
$562
Ownwell’s Racine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Racine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Racine 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 Racine, Ohio
Property taxes in Racine, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Racine is 1.18%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Racine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Racine 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 Racine's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45771 zip code has both the highest and lowest median property tax rate of 1.18%. Understanding how these cities compare with Racine provides valuable insights into the varying tax landscape across Meigs County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Racine Tax Rate
1.18%
Average Meigs County Tax Rate
1.16%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Racine, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45771 | 0.89% | 1.15% | 1.18% | 1.24% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Racine, Ohio
In Racine, 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 Meigs 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 Racine, 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. For instance, the highest median tax bill in Racine is $582, found in the 45771 zip code. 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 Racine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Racine Assessed Value
$51,310
Average Meigs County Assessed Value
$39,810
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Racine, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45771 | $4,472 | $13,920 | $51,310 | $102,080 | $159,926 |
Source: Ownwell
Property Tax Bills Across Racine, Ohio
In Racine, property tax bills are calculated based on the assessed value of the property, which is determined by local tax assessors. The assessed value is a percentage of the property's market value. Homeowners in Racine can expect a wide range of tax bills, influenced by factors such as property location, size, and condition. For instance, the tax bill at the 25th percentile is $169, while at the 75th percentile, it rises to $1,202. At the 90th percentile, homeowners might see tax bills as high as $1,858. These variations indicate significant differences in property values and the corresponding tax burdens. With a median home price of $51,310 in Racine, the property tax rate can have a substantial impact on annual expenses for homeowners. Compared to the national median property tax rate of 0.99%, understanding these local factors is crucial for budgeting and financial planning. The highest and lowest median tax bills in the area are both $582, located in zip code 45771, highlighting the consistency in certain regions.
Average Racine Tax Bill
$582
Average Meigs County Tax Bill
$451
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Racine, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45771 | $53 | $169 | $582 | $1,202 | $1,858 |
Source: Ownwell